Main Street Research LLC Takes $829,000 Position in Cirrus Logic, Inc. $CRUS

Main Street Research LLC bought a new position in Cirrus Logic, Inc. (NASDAQ:CRUS) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,734 shares of the semiconductor company’s stock, valued at approximately $829,000.

Several other institutional investors also recently bought and sold shares of CRUS. LSV Asset Management lifted its holdings in Cirrus Logic by 1.0% in the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock valued at $279,215,000 after acquiring an additional 23,703 shares during the period. Fuller & Thaler Asset Management Inc. grew its stake in shares of Cirrus Logic by 0.7% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company’s stock worth $187,059,000 after purchasing an additional 11,307 shares during the period. Earnest Partners LLC increased its holdings in shares of Cirrus Logic by 0.8% during the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company’s stock valued at $168,980,000 after purchasing an additional 10,750 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Cirrus Logic by 7.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,244,258 shares of the semiconductor company’s stock valued at $147,452,000 after purchasing an additional 83,059 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its holdings in shares of Cirrus Logic by 33.5% during the 4th quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock valued at $127,224,000 after purchasing an additional 269,391 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Trading Up 2.1%

CRUS stock opened at $149.92 on Friday. Cirrus Logic, Inc. has a 12-month low of $92.02 and a 12-month high of $180.42. The stock has a market cap of $7.56 billion, a price-to-earnings ratio of 19.12 and a beta of 1.17. The business’s 50-day moving average is $162.43 and its 200 day moving average is $147.13.

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

Analyst Upgrades and Downgrades

Several analysts recently commented on CRUS shares. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Zacks Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a report on Thursday, May 7th. KeyCorp increased their price target on Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Cirrus Logic has an average rating of “Moderate Buy” and an average target price of $161.71.

Insider Transactions at Cirrus Logic

In related news, EVP Andrew Brannan sold 6,464 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president directly owned 7,203 shares in the company, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total value of $159,000.00. Following the completion of the transaction, the director directly owned 20,531 shares of the company’s stock, valued at approximately $3,264,429. This represents a 4.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 22,299 shares of company stock valued at $3,581,647. Insiders own 1.20% of the company’s stock.

About Cirrus Logic

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.