Moran Wealth Management LLC Trims Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Moran Wealth Management LLC lowered its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 6.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 54,354 shares of the semiconductor company’s stock after selling 3,920 shares during the quarter. Moran Wealth Management LLC owned about 0.10% of Cirrus Logic worth $5,417,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CRUS. LSV Asset Management raised its stake in shares of Cirrus Logic by 7.3% in the 4th quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company’s stock valued at $224,728,000 after acquiring an additional 154,048 shares during the period. Mackenzie Financial Corp increased its holdings in Cirrus Logic by 12.0% in the 4th quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company’s stock valued at $182,748,000 after purchasing an additional 196,483 shares during the last quarter. Castlekeep Investment Advisors LLC purchased a new stake in Cirrus Logic in the fourth quarter valued at approximately $170,796,000. Wellington Management Group LLP raised its position in Cirrus Logic by 4.1% in the fourth quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company’s stock valued at $163,639,000 after purchasing an additional 65,441 shares during the period. Finally, Earnest Partners LLC lifted its stake in Cirrus Logic by 3.5% during the fourth quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company’s stock worth $135,841,000 after purchasing an additional 46,121 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Insider Activity

In other news, Director Alexander M. Davern sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total transaction of $105,620.00. Following the sale, the director now owns 20,907 shares of the company’s stock, valued at approximately $2,208,197.34. This trade represents a 4.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the company’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 $1,000,000.00. Following the completion of the transaction, the executive vice president now directly owns 14,001 shares of the company’s stock, valued at $1,400,100. This trade represents a 41.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is currently owned by corporate insiders.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS opened at $107.58 on Thursday. The company has a market cap of $5.52 billion, a price-to-earnings ratio of 17.90 and a beta of 0.93. The stock’s 50-day moving average is $99.86 and its two-hundred day moving average is $100.44. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.52. The firm had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The business’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.24 earnings per share. Equities research analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic declared that its board has approved a share buyback plan on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wall Street Zen cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 5th. Benchmark reaffirmed a “buy” rating and issued a $125.00 target price on shares of Cirrus Logic in a research report on Wednesday, March 19th. Barclays boosted their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $128.33.

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.