Empowered Funds LLC Buys 207,520 Shares of Cirrus Logic, Inc. $CRUS

Empowered Funds LLC grew its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 5,275.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 211,454 shares of the semiconductor company’s stock after buying an additional 207,520 shares during the period. Empowered Funds LLC owned approximately 0.42% of Cirrus Logic worth $30,580,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CRUS. Parallel Advisors LLC increased its stake in Cirrus Logic by 6.2% during the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock valued at $162,000 after acquiring an additional 80 shares during the period. CIBC Private Wealth Group LLC lifted its position in shares of Cirrus Logic by 29.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock worth $46,000 after acquiring an additional 88 shares during the period. Kendall Capital Management grew its holdings in shares of Cirrus Logic by 0.9% during the 4th 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 increased its position in shares of Cirrus Logic by 1.7% during the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock valued at $598,000 after purchasing an additional 95 shares during the period. Finally, Diversified Trust Co increased its position in shares of Cirrus Logic by 1.1% during the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock valued at $1,316,000 after purchasing an additional 102 shares during the period. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

Shares of NASDAQ:CRUS opened at $136.12 on Tuesday. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $180.42. The company’s fifty day moving average is $155.92 and its 200-day moving average is $148.70. The company has a market capitalization of $6.87 billion, a PE ratio of 17.36 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $442.25 million. During the same quarter last year, the company posted $1.67 EPS. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, analysts forecast that Cirrus Logic, Inc. will post 7.86 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CRUS shares. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research report on Thursday, May 7th. KeyCorp lowered their price target on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Barclays lifted their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $160.29.

Insider Activity

In other news, Director Alexander M. Davern sold 1,000 shares of the business’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 value of $159,000.00. Following the transaction, the director directly owned 20,531 shares of the company’s stock, valued at $3,264,429. The trade was 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 Andrew Brannan sold 6,464 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the sale, the executive vice president 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 22,299 shares of company stock valued at $3,581,647. Corporate insiders own 1.20% of the company’s stock.

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.