Ritholtz Wealth Management Has $617,000 Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Ritholtz Wealth Management boosted its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 57.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,194 shares of the semiconductor company’s stock after purchasing an additional 2,269 shares during the quarter. Ritholtz Wealth Management’s holdings in Cirrus Logic were worth $617,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D increased its stake in shares of Cirrus Logic by 13.0% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 20,871 shares of the semiconductor company’s stock valued at $2,078,000 after acquiring an additional 2,399 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Cirrus Logic by 19.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,248 shares of the semiconductor company’s stock worth $1,419,000 after purchasing an additional 2,320 shares during the period. Intech Investment Management LLC grew its holdings in Cirrus Logic by 52.9% in the fourth quarter. Intech Investment Management LLC now owns 13,689 shares of the semiconductor company’s stock worth $1,363,000 after purchasing an additional 4,739 shares during the period. Bank of New York Mellon Corp increased its stake in Cirrus Logic by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 479,812 shares of the semiconductor company’s stock valued at $47,780,000 after purchasing an additional 9,050 shares in the last quarter. Finally, Mariner LLC raised its holdings in shares of Cirrus Logic by 32.0% during the fourth quarter. Mariner LLC now owns 6,648 shares of the semiconductor company’s stock valued at $662,000 after purchasing an additional 1,610 shares during the period. 87.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on CRUS. Benchmark restated a “buy” rating and issued a $125.00 target price on shares of Cirrus Logic in a research note on Wednesday, March 19th. Barclays raised their price objective 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 price objective on Cirrus Logic in a report on Wednesday, May 7th. Finally, Wall Street Zen cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 5th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Cirrus Logic currently has a consensus rating of “Moderate Buy” and an average price target of $128.33.

Insider Buying and Selling

In other Cirrus Logic news, EVP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the executive vice president now owns 41,645 shares in the company, valued at approximately $4,164,500. This trade represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total transaction of $105,620.00. Following 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is owned by corporate insiders.

Cirrus Logic Stock Performance

Shares of NASDAQ CRUS opened at $104.34 on Thursday. The stock has a market cap of $5.35 billion, a price-to-earnings ratio of 17.36 and a beta of 0.93. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The firm’s 50-day simple moving average is $97.91 and its 200 day simple moving average is $100.42.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The firm had revenue of $424.46 million during the quarter, compared to the consensus estimate of $380.26 million. During the same period in the prior year, the business posted $1.24 earnings per share. The company’s quarterly revenue was up 14.2% compared to the same quarter last year. On average, sell-side analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic announced that its Board of Directors has approved a share buyback program on Tuesday, May 6th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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.