1620 Investment Advisors Inc. Acquires Shares of 604 Cirrus Logic, Inc. (NASDAQ:CRUS)

1620 Investment Advisors Inc. bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 604 shares of the semiconductor company’s stock, valued at approximately $77,000.

Several other large investors also recently modified their holdings of the business. Versant Capital Management Inc lifted its holdings in Cirrus Logic by 1,911.1% in the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock worth $46,000 after buying an additional 344 shares during the period. Atlas Capital Advisors LLC lifted its stake in Cirrus Logic by 103.0% in the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 204 shares during the period. GAMMA Investing LLC boosted its holdings in Cirrus Logic by 79.5% in the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock valued at $61,000 after acquiring an additional 210 shares in the last quarter. Quadrant Capital Group LLC increased its position in Cirrus Logic by 72.3% during the 4th quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 214 shares during the period. Finally, Venturi Wealth Management LLC raised its holdings in Cirrus Logic by 60.3% in the 1st quarter. Venturi Wealth Management LLC now owns 590 shares of the semiconductor company’s stock worth $55,000 after purchasing an additional 222 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRUS has been the topic of several research analyst reports. Barclays boosted their price target on shares of Cirrus Logic from $110.00 to $140.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Stifel Nicolaus increased their target price on Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. TD Cowen lifted their price target on Cirrus Logic from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. KeyCorp upped their price target on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Finally, Benchmark lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $143.33.

Insiders Place Their Bets

In other news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $115.85, for a total transaction of $115,850.00. Following the sale, the director now owns 19,332 shares in the company, valued at $2,239,612.20. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Alexander M. Davern sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $115.85, for a total value of $115,850.00. Following the completion of the transaction, the director now owns 19,332 shares in the company, valued at $2,239,612.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Scott Thomas sold 11,706 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $120.72, for a total value of $1,413,148.32. Following the sale, the senior vice president now directly owns 23,975 shares in the company, valued at $2,894,262. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,259 shares of company stock valued at $3,464,609. Insiders own 1.02% of the company’s stock.

Cirrus Logic Stock Down 2.0 %

CRUS stock opened at $139.83 on Friday. The business has a 50 day moving average of $131.10 and a 200 day moving average of $108.62. The firm has a market cap of $7.47 billion, a PE ratio of 28.36 and a beta of 0.94. Cirrus Logic, Inc. has a twelve month low of $65.02 and a twelve month high of $144.83.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.50. The firm had revenue of $374.03 million during the quarter, compared to the consensus estimate of $318.41 million. Cirrus Logic had a return on equity of 16.49% and a net margin of 15.35%. The company’s revenue was up 18.0% on a year-over-year basis. During the same period last year, the company earned $0.35 earnings per share. On average, research analysts expect that Cirrus Logic, Inc. will post 4.75 earnings per share for the current fiscal year.

Cirrus Logic Profile

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.