Mach 1 Financial Group LLC Buys Shares of 6,210 Cirrus Logic, Inc. $CRUS

Mach 1 Financial Group LLC bought a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,210 shares of the semiconductor company’s stock, valued at approximately $736,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Cirrus Logic by 4.2% in the third quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company’s stock valued at $829,724,000 after acquiring an additional 268,560 shares during the period. Earnest Partners LLC grew its stake in Cirrus Logic by 0.8% in the third quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company’s stock valued at $168,980,000 after acquiring an additional 10,750 shares during the period. Sei Investments Co. grew its stake in Cirrus Logic by 2.2% in the third quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company’s stock valued at $116,140,000 after acquiring an additional 20,381 shares during the period. Royce & Associates LP grew its stake in Cirrus Logic by 5.1% in the third quarter. Royce & Associates LP now owns 713,999 shares of the semiconductor company’s stock valued at $89,457,000 after acquiring an additional 34,839 shares during the period. Finally, DNB Asset Management AS grew its stake in Cirrus Logic by 5.5% in the third quarter. DNB Asset Management AS now owns 532,180 shares of the semiconductor company’s stock valued at $66,677,000 after acquiring an additional 27,706 shares during the period. 87.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Scott Thomas sold 9,942 shares of the stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $160.11, for a total transaction of $1,591,813.62. Following the completion of the transaction, the executive vice president owned 30,393 shares in the company, valued at approximately $4,866,223.23. This represents a 24.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the transaction, the director owned 20,531 shares of the company’s stock, valued at $3,264,429. The trade was a 4.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 15,942 shares of company stock worth $2,602,864. 1.16% of the stock is owned by insiders.

Cirrus Logic Price Performance

CRUS stock opened at $166.62 on Friday. The stock has a market capitalization of $8.50 billion, a P/E ratio of 21.25 and a beta of 1.16. The business has a 50-day moving average of $155.53 and a 200-day moving average of $137.21. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $179.00.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results 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 net margin of 20.75% and a return on equity of 20.48%. The business had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.26 million. During the same quarter in the prior year, the company posted $1.67 earnings per share. The firm’s revenue was up 5.7% on a year-over-year basis. Equities analysts expect that Cirrus Logic, Inc. will post 8.01 EPS for the current year.

Wall Street Analyst Weigh In

CRUS has been the subject of several research analyst reports. KeyCorp upped 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. Benchmark raised their price objective on shares of Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Friday, March 27th. Barclays raised their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Finally, Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a report on Thursday, May 7th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $161.71.

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.