Heron Bay Capital Management Makes New Investment in Cirrus Logic, Inc. $CRUS

Heron Bay Capital Management bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 33,446 shares of the semiconductor company’s stock, valued at approximately $4,968,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Callan Family Office LLC bought a new stake in Cirrus Logic in the 2nd quarter valued at about $1,250,000. Allworth Financial LP acquired a new stake in shares of Cirrus Logic in the second quarter valued at approximately $1,080,000. NFJ Investment Group LLC bought a new stake in shares of Cirrus Logic in the second quarter valued at approximately $2,684,000. Virtus Advisers LLC bought a new stake in shares of Cirrus Logic in the second quarter valued at approximately $2,707,000. Finally, Vise Technologies Inc. acquired a new stake in Cirrus Logic during the second quarter worth approximately $887,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRUS has been the subject of several analyst reports. Stifel Nicolaus dropped their price objective on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Barclays reduced their price objective on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 6th. Wall Street Zen cut Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, KeyCorp lowered their price objective on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $150.71.

Insider Transactions at Cirrus Logic

In other news, EVP Scott Thomas sold 1,300 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value 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. The trade was a 4.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the sale, the executive vice president owned 7,203 shares in the company, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their position. 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. In the last ninety days, insiders sold 15,465 shares of company stock valued at $2,399,169. Corporate insiders own 1.20% of the company’s stock.

Cirrus Logic Stock Down 1.3%

CRUS opened at $115.33 on Friday. Cirrus Logic, Inc. has a twelve month low of $109.88 and a twelve month high of $180.42. The company has a fifty day moving average of $139.15 and a 200-day moving average of $148.35. The stock has a market cap of $5.78 billion, a PE ratio of 14.12 and a beta of 1.18.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.03. The business had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. Cirrus Logic’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.51 earnings per share. Sell-side analysts anticipate that Cirrus Logic, Inc. will post 7.47 EPS for the current fiscal 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.