Aaron Wealth Advisors LLC Sells 5,939 Shares of Cirrus Logic, Inc. $CRUS

Aaron Wealth Advisors LLC reduced its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 40.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,663 shares of the semiconductor company’s stock after selling 5,939 shares during the quarter. Aaron Wealth Advisors LLC’s holdings in Cirrus Logic were worth $1,253,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd boosted its stake in shares of Cirrus Logic by 7,333.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 220 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth about $33,000. Torren Management LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth about $35,000. Kestra Advisory Services LLC bought a new position in Cirrus Logic during the 4th quarter valued at about $36,000. Finally, CIBC Private Wealth Group LLC lifted its holdings in Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 88 shares during the last quarter. 87.96% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Alexander M. Davern sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the transaction, the director directly owned 20,531 shares of the company’s stock, valued at $3,264,429. This trade represents a 4.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Justin E. Dougherty sold 2,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the transaction, the executive vice president directly owned 4,537 shares of the company’s stock, valued at approximately $755,410.50. This trade represents a 30.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 24,319 shares of company stock valued at $4,025,230. Corporate insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research note on Thursday, May 7th. KeyCorp lifted their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Finally, Barclays increased their price target on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $161.71.

Cirrus Logic Stock Down 4.9%

Cirrus Logic stock opened at $146.50 on Friday. The company has a 50 day moving average of $166.33 and a 200-day moving average of $145.41. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $180.42. The stock has a market capitalization of $7.39 billion, a PE ratio of 18.69 and a beta of 1.15.

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, topping analysts’ consensus estimates of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.25 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.67 EPS. Equities analysts anticipate that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Cirrus Logic Company 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.