Burney Co. Has $24.93 Million Stake in Cirrus Logic, Inc. $CRUS

Burney Co. increased its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 79.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 172,388 shares of the semiconductor company’s stock after purchasing an additional 76,563 shares during the period. Cirrus Logic makes up 0.8% of Burney Co.’s investment portfolio, making the stock its 18th largest holding. Burney Co.’s holdings in Cirrus Logic were worth $24,931,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CRUS. DGS Capital Management LLC bought a new stake in Cirrus Logic during the 1st quarter valued at $228,000. QRG Capital Management Inc. bought a new position in shares of Cirrus Logic in the first quarter valued at $1,000,000. HB Wealth Management LLC grew its holdings in shares of Cirrus Logic by 9.8% during the first quarter. HB Wealth Management LLC now owns 2,187 shares of the semiconductor company’s stock valued at $316,000 after buying an additional 195 shares during the last quarter. Sierra Summit Advisors LLC acquired a new position in shares of Cirrus Logic during the first quarter valued at about $934,000. Finally, Platform Technology Partners bought a new stake in shares of Cirrus Logic during the first quarter worth about $223,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on CRUS. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research note on Thursday, May 7th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Finally, Barclays lifted their target price on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $161.71.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $148.83 on Tuesday. Cirrus Logic, Inc. has a 52-week low of $92.02 and a 52-week high of $180.42. The company has a 50-day simple moving average of $163.72 and a two-hundred day simple moving average of $146.55. The company has a market capitalization of $7.51 billion, a price-to-earnings ratio of 18.98 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, topping the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.25 million. During the same quarter last year, the firm earned $1.67 EPS. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, sell-side analysts forecast that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Insider Activity at Cirrus Logic

In related news, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction on Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the sale, the executive vice president directly owned 7,203 shares in the company, valued at approximately $1,042,346.13. This trade represents a 47.30% decrease in their ownership of the stock. The sale was disclosed in a legal 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, EVP Justin E. Dougherty sold 2,000 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total value of $333,000.00. Following the completion of the transaction, the executive vice president directly owned 4,537 shares in the company, valued at approximately $755,410.50. This represents a 30.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 32,241 shares of company stock valued at $5,173,460 in the last ninety days. Insiders own 1.20% of the company’s stock.

About Cirrus Logic

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.