Oak Associates Ltd. OH Acquires 9,517 Shares of Cirrus Logic, Inc. $CRUS

Oak Associates Ltd. OH grew its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 22.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,192 shares of the semiconductor company’s stock after acquiring an additional 9,517 shares during the quarter. Oak Associates Ltd. OH’s holdings in Cirrus Logic were worth $7,403,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Royal Bank of Canada raised its position 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 worth $7,189,000 after purchasing an additional 34,629 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Cirrus Logic by 24.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after purchasing an additional 263 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cirrus Logic by 4.7% during the first 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 purchased a new stake in Cirrus Logic during the first quarter valued at about $361,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of Cirrus Logic by 95.1% during 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 during the last quarter. 87.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Barclays lifted their price objective on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. KeyCorp reduced their price target 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. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research report on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Cirrus Logic currently has an average rating of “Moderate Buy” and an average price target of $160.29.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Justin E. Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction that occurred 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 sale, the executive vice president directly owned 4,537 shares in the company, valued at approximately $755,410.50. This trade represents a 30.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were 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 in the company, valued at $2,962,090.50. This trade represents a 18.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 22,299 shares of company stock worth $3,581,647 over the last three months. 1.20% of the stock is owned by corporate insiders.

Cirrus Logic Trading Down 4.3%

CRUS stock opened at $133.53 on Friday. The firm’s 50-day moving average price is $156.93 and its two-hundred day moving average price is $148.50. Cirrus Logic, Inc. has a 12-month low of $92.02 and a 12-month high of $180.42. The stock has a market capitalization of $6.74 billion, a price-to-earnings ratio of 17.03 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.19. The company had revenue of $448.52 million during 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 for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.67 earnings per share. Equities analysts predict that Cirrus Logic, Inc. will post 7.86 EPS for the current year.

Cirrus Logic Company 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.