First Trust Advisors LP Grows Position in Cirrus Logic, Inc. $CRUS

First Trust Advisors LP grew its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 34.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 473,721 shares of the semiconductor company’s stock after purchasing an additional 120,935 shares during the quarter. First Trust Advisors LP’s holdings in Cirrus Logic were worth $68,509,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Mach 1 Financial Group LLC bought a new stake in Cirrus Logic during the 4th quarter valued at $736,000. LSV Asset Management boosted its holdings in shares of Cirrus Logic by 1.0% in the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock worth $279,215,000 after acquiring an additional 23,703 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Cirrus Logic by 9.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company’s stock worth $15,391,000 after acquiring an additional 11,607 shares during the period. Lecap Asset Management Ltd. purchased a new position in shares of Cirrus Logic in the fourth quarter valued at $888,000. Finally, Arbejdsmarkedets Tillaegspension purchased a new position in shares of Cirrus Logic in the fourth quarter valued at $21,988,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Insider Activity

In other news, EVP Scott Thomas sold 1,300 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total transaction of $234,052.00. Following the sale, the executive vice president owned 31,048 shares in the company, valued at approximately $5,589,881.92. This trade represents a 4.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic 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 sale, the director directly owned 20,531 shares of the company’s stock, valued at $3,264,429. This represents a 4.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 22,299 shares of company stock worth $3,581,647. Corporate insiders own 1.20% of the company’s stock.

Cirrus Logic Trading Up 0.1%

CRUS stock opened at $133.61 on Friday. The company’s 50 day moving average is $156.41 and its 200 day moving average is $148.40. The stock has a market cap of $6.74 billion, a price-to-earnings ratio of 17.04 and a beta of 1.17. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $442.25 million. During the same period last year, the firm posted $1.67 earnings per share. Cirrus Logic’s quarterly revenue was up 5.7% on a year-over-year basis. As a group, sell-side analysts forecast that Cirrus Logic, Inc. will post 7.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CRUS shares. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Zacks Research downgraded Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a research report on Thursday, May 7th. Finally, Barclays increased their price target 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. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $160.29.

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.