Moran Wealth Management LLC Lowers Stock Position in Cirrus Logic, Inc. $CRUS

Moran Wealth Management LLC cut its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 51.3% in the first quarter, HoldingsChannel reports. The fund owned 21,934 shares of the semiconductor company’s stock after selling 23,133 shares during the period. Moran Wealth Management LLC’s holdings in Cirrus Logic were worth $3,172,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position in shares of Cirrus Logic by 92.3% in the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock worth $7,189,000 after purchasing an additional 34,629 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Cirrus Logic by 24.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after buying an additional 263 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Cirrus Logic by 4.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock worth $21,372,000 after buying an additional 9,658 shares in the last quarter. Focus Partners Wealth purchased a new stake in Cirrus Logic in the 1st quarter worth $361,000. Finally, Geneos Wealth Management Inc. raised its holdings in Cirrus Logic by 95.1% during the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 232 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, 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 transaction of $935,405.44. Following the completion of the transaction, the executive vice president directly owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total value of $333,000.00. Following the transaction, the executive vice president owned 4,537 shares of the company’s stock, valued at $755,410.50. This represents a 30.60% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 32,241 shares of company stock valued at $5,173,460 in the last ninety days. Company insiders own 1.20% of the company’s stock.

Cirrus Logic Stock Performance

Shares of NASDAQ CRUS opened at $146.24 on Monday. The company has a market cap of $7.38 billion, a P/E ratio of 18.65 and a beta of 1.17. Cirrus Logic, Inc. has a 52-week low of $92.02 and a 52-week high of $180.42. The firm’s fifty day moving average is $164.19 and its two-hundred day moving average is $146.36.

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

Analysts Set New Price Targets

Several equities analysts have recently commented on CRUS shares. Barclays boosted their price objective 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. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research note on Thursday, May 7th. KeyCorp boosted 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. Finally, Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to 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.