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

Main Street Research LLC purchased a new position in Cirrus Logic, Inc. (NASDAQ:CRUS) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,734 shares of the semiconductor company’s stock, valued at approximately $829,000.

A number of other institutional investors also recently added to or reduced their stakes in CRUS. Caitong International Asset Management Co. Ltd raised its holdings in Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 220 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Cirrus Logic in the 4th quarter valued at about $33,000. Torren Management LLC purchased a new position in shares of Cirrus Logic in the 4th quarter worth approximately $35,000. Kestra Advisory Services LLC purchased a new position in shares of Cirrus Logic in the 4th quarter worth approximately $36,000. Finally, CIBC Private Wealth Group LLC raised its stake in shares of Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock worth $46,000 after acquiring an additional 88 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.

Analysts Set New Price Targets

CRUS has been the subject of several recent analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. KeyCorp increased their price objective on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Barclays boosted their target price on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Cirrus Logic currently has an average rating of “Moderate Buy” and an average target price of $161.71.

Insider Transactions at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total value of $159,000.00. Following the sale, the director owned 20,531 shares in the company, valued at $3,264,429. This represents a 4.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Thomas sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total transaction of $234,052.00. Following the transaction, the executive vice president directly owned 31,048 shares of the company’s stock, valued at $5,589,881.92. This represents a 4.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,299 shares of company stock valued at $3,581,647 over the last quarter. Company insiders own 1.20% of the company’s stock.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $149.92 on Friday. The firm has a market capitalization of $7.56 billion, a price-to-earnings ratio of 19.12 and a beta of 1.17. The business has a fifty day moving average of $162.43 and a 200 day moving average of $147.13. Cirrus Logic, Inc. has a 1 year low of $92.02 and a 1 year high of $180.42.

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

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.