Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lowered its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.6% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 699,440 shares of the semiconductor company’s stock after selling 18,913 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.32% of Cirrus Logic worth $69,703,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Castlekeep Investment Advisors LLC purchased a new stake in Cirrus Logic during the 4th quarter worth approximately $170,796,000. Deutsche Bank AG increased its stake in Cirrus Logic by 139.4% during the 4th quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company’s stock worth $58,427,000 after buying an additional 341,615 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in Cirrus Logic by 228.8% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company’s stock worth $43,068,000 after buying an additional 300,942 shares in the last quarter. Mackenzie Financial Corp increased its stake in Cirrus Logic by 12.0% during the 4th quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company’s stock worth $182,748,000 after buying an additional 196,483 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Cirrus Logic by 25,215.7% during the 1st quarter. GAMMA Investing LLC now owns 188,349 shares of the semiconductor company’s stock worth $18,771,000 after purchasing an additional 187,605 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Insider Activity at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 10,000 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, June 3rd. The shares were 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 directly owned 14,001 shares in the company, valued at approximately $1,400,100. This trade represents a 41.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the executive vice president owned 41,645 shares of the company’s stock, valued at approximately $4,164,500. The trade was a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,000 shares of company stock worth $1,305,620 over the last 90 days. Company insiders own 1.16% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CRUS. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a report on Wednesday, May 7th. Barclays boosted their target price on Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 7th. Finally, Wall Street Zen cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $121.00.

Cirrus Logic Stock Performance

Shares of CRUS opened at $112.12 on Friday. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The company has a market capitalization of $5.76 billion, a price-to-earnings ratio of 17.55 and a beta of 0.92. The firm has a 50-day simple moving average of $104.69 and a 200-day simple moving average of $101.11.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, August 5th. The semiconductor company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.44. The business had revenue of $407.27 million during the quarter, compared to the consensus estimate of $361.97 million. Cirrus Logic had a net margin of 18.15% and a return on equity of 18.38%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.12 earnings per share. Equities research analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

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

Cirrus Logic Profile

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.