Sierra Summit Advisors LLC Invests $934,000 in Cirrus Logic, Inc. $CRUS

Sierra Summit Advisors LLC bought a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) during the 1st quarter, HoldingsChannel reports. The fund bought 6,461 shares of the semiconductor company’s stock, valued at approximately $934,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CRUS. Royal Bank of Canada boosted its holdings in Cirrus Logic by 92.3% in the 1st quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock valued at $7,189,000 after purchasing an additional 34,629 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Cirrus Logic by 24.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after buying an additional 263 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Cirrus Logic by 4.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock valued at $21,372,000 after buying an additional 9,658 shares during the period. Focus Partners Wealth acquired a new stake in shares of Cirrus Logic in the 1st quarter valued at approximately $361,000. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock valued at $47,000 after buying an additional 232 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Justin E. Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the transaction, the executive vice president owned 4,537 shares of the company’s stock, valued at $755,410.50. The trade was a 30.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of Cirrus Logic stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $168.54, for a total value of $658,485.78. Following the transaction, the executive vice president directly owned 17,575 shares of the company’s stock, valued at $2,962,090.50. This trade represents a 18.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 32,241 shares of company stock valued at $5,173,460. Company insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRUS. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a report on Thursday, May 7th. Barclays boosted their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. KeyCorp increased their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $161.71.

Cirrus Logic Price Performance

CRUS opened at $146.24 on Friday. The stock has a market cap of $7.38 billion, a P/E ratio of 18.65 and a beta of 1.17. The stock’s 50 day simple moving average is $164.67 and its 200 day simple moving average is $146.19. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42.

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, topping the consensus estimate of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.Cirrus Logic’s revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 earnings per share. Research analysts expect that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

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.