Sierra Summit Advisors LLC Invests $934,000 in Cirrus Logic, Inc. $CRUS

Sierra Summit Advisors LLC acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,461 shares of the semiconductor company’s stock, valued at approximately $934,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CRUS. Parallel Advisors LLC boosted its holdings in Cirrus Logic by 6.2% in the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock valued at $162,000 after purchasing an additional 80 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in Cirrus Logic by 29.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock worth $46,000 after purchasing an additional 88 shares in the last quarter. Kendall Capital Management raised its holdings in Cirrus Logic by 0.9% during the fourth quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company’s stock worth $1,256,000 after purchasing an additional 90 shares in the last quarter. EP Wealth Advisors LLC lifted its position in shares of Cirrus Logic by 1.7% during the 2nd quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock worth $598,000 after buying an additional 95 shares during the last quarter. Finally, Diversified Trust Co lifted its position in shares of Cirrus Logic by 1.1% during the 1st quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock worth $1,316,000 after buying an additional 102 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Insiders Place Their Bets

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction that occurred 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 completion of 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Thomas sold 1,300 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value of $234,052.00. Following the sale, the executive vice president directly owned 31,048 shares of the company’s stock, valued at $5,589,881.92. The trade was a 4.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 32,241 shares of company stock valued at $5,173,460. 1.20% of the stock is owned by insiders.

Cirrus Logic Trading Down 0.1%

CRUS stock opened at $146.24 on Friday. The company has a market capitalization of $7.38 billion, a P/E ratio of 18.65 and a beta of 1.17. The business has a 50 day simple moving average of $164.67 and a 200-day simple moving average of $146.19. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The business had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.25 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.67 EPS. Research analysts predict that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CRUS shares. KeyCorp upped their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. 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 restated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Finally, Barclays raised their price objective on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $161.71.

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.