Parallel Advisors LLC Purchases 262 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Parallel Advisors LLC lifted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 24.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,330 shares of the semiconductor company’s stock after buying an additional 262 shares during the period. Parallel Advisors LLC’s holdings in Cirrus Logic were worth $133,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in CRUS. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Cirrus Logic in the fourth quarter valued at approximately $28,000. Headlands Technologies LLC bought a new stake in shares of Cirrus Logic in the fourth quarter valued at approximately $39,000. Quent Capital LLC boosted its stake in shares of Cirrus Logic by 167.2% in the fourth quarter. Quent Capital LLC now owns 473 shares of the semiconductor company’s stock valued at $47,000 after buying an additional 296 shares during the period. Transce3nd LLC bought a new stake in shares of Cirrus Logic in the fourth quarter valued at approximately $63,000. Finally, Menard Financial Group LLC bought a new stake in shares of Cirrus Logic in the fourth quarter valued at approximately $67,000. 87.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CRUS has been the subject of several recent research reports. Barclays boosted their price target on Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research note on Wednesday, May 7th. Benchmark restated a “buy” rating and set a $125.00 target price on shares of Cirrus Logic in a research note on Wednesday, March 19th. Finally, Wall Street Zen cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $128.33.

Cirrus Logic Price Performance

NASDAQ CRUS opened at $101.04 on Friday. The business has a fifty day moving average price of $95.16 and a two-hundred day moving average price of $100.51. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The stock has a market capitalization of $5.21 billion, a PE ratio of 18.34 and a beta of 0.93.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.52. The firm had revenue of $424.46 million during the quarter, compared to analysts’ expectations of $380.26 million. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The company’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.24 earnings per share. As a group, sell-side analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 9.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Cirrus Logic

In other news, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total transaction of $105,620.00. Following the completion of the transaction, the director now directly owns 20,907 shares in the company, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Carl Jackson Alberty sold 2,000 shares of the company’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the executive vice president now owns 41,645 shares of the company’s stock, valued at $4,164,500. This trade represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,000 shares of company stock worth $1,305,620. Corporate insiders own 1.02% of the company’s stock.

About Cirrus Logic

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.