Heron Bay Capital Management Makes New $4.97 Million Investment in Cirrus Logic, Inc. $CRUS

Heron Bay Capital Management bought a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) during the second quarter, according to its most recent filing with the SEC. The firm bought 33,446 shares of the semiconductor company’s stock, valued at approximately $4,968,000. Heron Bay Capital Management owned about 0.07% of Cirrus Logic at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRUS. Caitong International Asset Management Co. Ltd raised its position in shares of Cirrus Logic by 7,333.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 220 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 120 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in Cirrus Logic during the 4th quarter valued at about $33,000. Torren Management LLC bought a new position in shares of Cirrus Logic in the fourth quarter valued at approximately $35,000. Finally, Kestra Advisory Services LLC bought a new position in Cirrus Logic in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the company’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the transaction, the executive vice president directly owned 7,203 shares in the company, valued at $1,042,346.13. The trade was a 47.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Scott Thomas sold 1,300 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total transaction of $234,052.00. Following the sale, the executive vice president owned 31,048 shares of the company’s stock, valued at approximately $5,589,881.92. This represents a 4.02% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,465 shares of company stock worth $2,399,169 over the last ninety days. Insiders own 1.20% of the company’s stock.

Cirrus Logic Stock Down 1.3%

NASDAQ:CRUS opened at $115.33 on Friday. The stock’s 50 day moving average price is $139.15 and its two-hundred day moving average price is $148.35. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 14.12 and a beta of 1.18. Cirrus Logic, Inc. has a 12-month low of $109.88 and a 12-month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, topping the consensus estimate of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The company had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. During the same period in the previous year, the company posted $1.51 EPS. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. Equities research analysts expect that Cirrus Logic, Inc. will post 7.47 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRUS. Stifel Nicolaus dropped their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. KeyCorp reduced their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Wall Street Zen cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Finally, Barclays lowered their price objective on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a research report on Thursday, August 6th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $150.71.

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.