Ritholtz Wealth Management Purchases 5,315 Shares of Cirrus Logic, Inc. $CRUS

Ritholtz Wealth Management raised its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 82.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,796 shares of the semiconductor company’s stock after buying an additional 5,315 shares during the period. Ritholtz Wealth Management’s holdings in Cirrus Logic were worth $1,706,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in Cirrus Logic during the 4th quarter valued at $69,674,000. Invesco Ltd. increased its stake in Cirrus Logic by 133.6% in the fourth quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock worth $76,136,000 after purchasing an additional 367,488 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in Cirrus Logic by 546.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock worth $46,005,000 after purchasing an additional 328,159 shares during the period. Defiance ETFs LLC bought a new stake in shares of Cirrus Logic during the fourth quarter worth $38,050,000. Finally, Allianz Asset Management GmbH lifted its position in shares of Cirrus Logic by 33.5% during the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after purchasing an additional 269,391 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Analyst Ratings Changes

CRUS has been the subject of a number of recent analyst reports. Barclays boosted their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research report on Thursday, May 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday. Finally, Zacks Research lowered shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus price target of $161.71.

Cirrus Logic Stock Performance

NASDAQ CRUS opened at $146.50 on Friday. The firm’s 50 day moving average price is $166.33 and its 200-day moving average price is $145.41. Cirrus Logic, Inc. has a 52-week low of $92.02 and a 52-week high of $180.42. The company has a market cap of $7.39 billion, a PE ratio of 18.69 and a beta of 1.15.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.19. The company had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.25 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. Cirrus Logic’s revenue was up 5.7% compared to the same quarter last year. During the same period last year, the company posted $1.67 earnings per share. On average, analysts forecast that Cirrus Logic, Inc. will post 8.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Scott Thomas sold 1,300 shares of Cirrus Logic stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value of $234,052.00. Following the transaction, the executive vice president directly owned 31,048 shares in the company, valued at approximately $5,589,881.92. This trade represents a 4.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total value of $333,000.00. Following the completion of the transaction, the executive vice president directly owned 4,537 shares of the company’s stock, valued at approximately $755,410.50. The trade was a 30.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 24,319 shares of company stock worth $4,025,230. 1.20% of the stock is currently owned by company insiders.

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.