Amalgamated Bank Sells 849 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Amalgamated Bank decreased its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 3.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,676 shares of the semiconductor company’s stock after selling 849 shares during the quarter. Amalgamated Bank’s holdings in Cirrus Logic were worth $2,459,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. increased its stake in shares of Cirrus Logic by 5.3% in the fourth quarter. Victory Capital Management Inc. now owns 47,048 shares of the semiconductor company’s stock valued at $4,685,000 after buying an additional 2,367 shares during the period. Assetmark Inc. boosted its stake in shares of Cirrus Logic by 11.5% in the 4th quarter. Assetmark Inc. now owns 3,283 shares of the semiconductor company’s stock valued at $327,000 after purchasing an additional 338 shares during the last quarter. Arizona State Retirement System increased its position in shares of Cirrus Logic by 0.7% during the fourth quarter. Arizona State Retirement System now owns 15,492 shares of the semiconductor company’s stock worth $1,543,000 after buying an additional 101 shares during the period. Raymond James Financial Inc. bought a new position in Cirrus Logic during the fourth quarter worth $5,225,000. Finally, Edgestream Partners L.P. acquired a new position in Cirrus Logic in the fourth quarter valued at $724,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the executive vice president owned 14,001 shares in the company, valued at approximately $1,400,100. This represents a 41.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Carl Jackson Alberty sold 2,000 shares of the firm’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the executive vice president owned 41,645 shares in the company, valued at approximately $4,164,500. This trade represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,000 shares of company stock worth $1,305,620 over the last 90 days. 1.16% of the stock is currently owned by corporate insiders.

Cirrus Logic Trading Up 0.8%

Shares of CRUS stock opened at $110.25 on Friday. The firm has a fifty day simple moving average of $102.63 and a two-hundred day simple moving average of $100.56. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46. The firm has a market capitalization of $5.66 billion, a PE ratio of 18.34 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.52. The company had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The firm’s revenue was up 14.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.24 EPS. On average, equities analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic announced that its Board of Directors has initiated a share buyback program on Tuesday, May 6th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have weighed in on CRUS. Wall Street Zen downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 5th. Barclays raised their target price on Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Benchmark reaffirmed a “buy” rating and set a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $128.33.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.