First Trust Advisors LP Boosts Stock Holdings in Cirrus Logic, Inc. $CRUS

First Trust Advisors LP lifted its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 34.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 473,721 shares of the semiconductor company’s stock after acquiring an additional 120,935 shares during the quarter. First Trust Advisors LP owned approximately 0.93% of Cirrus Logic worth $68,509,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CRUS. Caitong International Asset Management Co. Ltd boosted its holdings in Cirrus Logic by 7,333.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 220 shares during the last quarter. Geneos Wealth Management Inc. grew its position in Cirrus Logic by 120.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 120 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at about $33,000. Torren Management LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at about $35,000. Finally, Kestra Advisory Services LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $133.61 on Friday. The firm has a market cap of $6.74 billion, a price-to-earnings ratio of 17.04 and a beta of 1.17. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $180.42. The firm’s 50-day simple moving average is $156.41 and its two-hundred day simple moving average is $148.40.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.25 million. During the same period in the previous year, the company earned $1.67 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. Analysts forecast that Cirrus Logic, Inc. will post 7.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Barclays boosted their target price on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Zacks Research downgraded Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Finally, KeyCorp cut their price objective on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $160.29.

Insider Buying and Selling

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the completion of the transaction, the executive vice president directly owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alexander M. Davern sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total value of $159,000.00. Following the completion of the sale, the director directly owned 20,531 shares of the company’s stock, valued at $3,264,429. This represents a 4.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,299 shares of company stock worth $3,581,647 in the last three months. Insiders own 1.20% of the company’s stock.

Cirrus Logic Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.