Ritholtz Wealth Management Purchases 5,315 Shares of Cirrus Logic, Inc. $CRUS

Ritholtz Wealth Management boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 82.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,796 shares of the semiconductor company’s stock after acquiring an additional 5,315 shares during the period. Ritholtz Wealth Management’s holdings in Cirrus Logic were worth $1,706,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Cirrus Logic in the fourth quarter worth $69,674,000. Invesco Ltd. increased its position in shares of Cirrus Logic by 133.6% during the fourth quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock worth $76,136,000 after purchasing an additional 367,488 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Cirrus Logic by 546.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock valued at $46,005,000 after purchasing an additional 328,159 shares during the last quarter. Defiance ETFs LLC purchased a new stake in shares of Cirrus Logic during the 4th quarter valued at $38,050,000. Finally, Allianz Asset Management GmbH lifted its holdings in shares of Cirrus Logic by 33.5% during the 4th quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock valued at $127,224,000 after purchasing an additional 269,391 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Scott Thomas sold 1,300 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value of $234,052.00. Following the transaction, the executive vice president directly owned 31,048 shares of the company’s stock, valued at approximately $5,589,881.92. This represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the stock in a transaction dated Thursday, May 21st. The shares were 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 $755,410.50. This represents a 30.60% decrease in their ownership of the stock. 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. In the last quarter, insiders have sold 24,319 shares of company stock worth $4,025,230. 1.20% of the stock is owned by corporate insiders.

Cirrus Logic Trading Down 4.9%

NASDAQ:CRUS opened at $146.50 on Friday. The company has a market capitalization of $7.39 billion, a P/E ratio of 18.69 and a beta of 1.15. Cirrus Logic, Inc. has a 12 month low of $92.02 and a 12 month high of $180.42. The firm has a fifty day simple moving average of $166.33 and a 200-day simple moving average of $145.41.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.19. The firm had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The firm’s revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.67 EPS. Equities analysts forecast that Cirrus Logic, Inc. will post 8.05 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on CRUS shares. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research note on Thursday, May 7th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. KeyCorp raised their price target on Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday. Finally, Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $161.71.

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.