Cirrus Logic, Inc. $CRUS Position Increased by Cetera Investment Advisers

Cetera Investment Advisers grew its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 74.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,824 shares of the semiconductor company’s stock after acquiring an additional 2,057 shares during the quarter. Cetera Investment Advisers’ holdings in Cirrus Logic were worth $481,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. UMB Bank n.a. lifted its holdings in Cirrus Logic by 124.5% in the first quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company’s stock worth $52,000 after purchasing an additional 290 shares during the period. Transce3nd LLC bought a new stake in Cirrus Logic in the fourth quarter worth about $63,000. Menard Financial Group LLC bought a new stake in Cirrus Logic in the fourth quarter worth about $67,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Cirrus Logic by 17.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,057 shares of the semiconductor company’s stock worth $105,000 after acquiring an additional 155 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in Cirrus Logic by 24.5% during the 1st quarter. Parallel Advisors LLC now owns 1,330 shares of the semiconductor company’s stock worth $133,000 after buying an additional 262 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Price Performance

Shares of CRUS opened at $111.06 on Monday. The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of 17.38 and a beta of 0.92. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The business’s 50-day moving average is $104.89 and its 200-day moving average is $101.22.

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

Cirrus Logic declared that its Board of Directors has approved a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Barclays boosted their price objective on Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 7th. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a report on Wednesday, May 7th. Finally, Wall Street Zen downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Monday, August 11th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.00.

Insider Activity at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following the completion of the sale, the director owned 20,907 shares of the company’s stock, valued at approximately $2,208,197.34. The trade was a 4.56% decrease in their position. 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 business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 41,645 shares of the company’s stock, valued at approximately $4,164,500. The trade was a 4.58% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,000 shares of company stock valued at $1,305,620. 1.16% of the stock is owned by corporate insiders.

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.