Summit Investment Advisors Inc. Sells 314 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Summit Investment Advisors Inc. decreased its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,644 shares of the semiconductor company’s stock after selling 314 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Cirrus Logic were worth $1,060,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CRUS. Optimize Financial Inc bought a new position in Cirrus Logic in the fourth quarter valued at about $1,303,000. Sterling Capital Management LLC lifted its position in Cirrus Logic by 56.6% during the 4th quarter. Sterling Capital Management LLC now owns 3,212 shares of the semiconductor company’s stock valued at $320,000 after purchasing an additional 1,161 shares during the period. Oak Associates Ltd. OH grew its position in shares of Cirrus Logic by 37.0% during the 4th quarter. Oak Associates Ltd. OH now owns 43,814 shares of the semiconductor company’s stock worth $4,363,000 after buying an additional 11,836 shares during the period. Covestor Ltd grew its position in shares of Cirrus Logic by 21.5% during the 4th quarter. Covestor Ltd now owns 1,057 shares of the semiconductor company’s stock worth $106,000 after buying an additional 187 shares during the period. Finally, Treasurer of the State of North Carolina raised its stake in shares of Cirrus Logic by 3.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 60,441 shares of the semiconductor company’s stock worth $6,019,000 after buying an additional 1,761 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRUS. Stifel Nicolaus lowered their target price on shares of Cirrus Logic from $140.00 to $112.00 and set a “buy” rating for the company in a report on Thursday. Benchmark reaffirmed a “buy” rating and set a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. Finally, Barclays increased their target price on Cirrus Logic from $105.00 to $115.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.86.

Cirrus Logic Trading Up 0.1 %

Shares of Cirrus Logic stock opened at $85.58 on Friday. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46. The company has a market capitalization of $4.55 billion, a PE ratio of 15.53 and a beta of 0.95. The stock’s fifty day simple moving average is $99.02 and its 200 day simple moving average is $104.43.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. Analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Insider Activity

In other news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $100.00, for a total transaction of $205,100.00. Following the completion of the transaction, the executive vice president now directly owns 8,330 shares of the company’s stock, valued at $833,000. This represents a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.02% of the company’s stock.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.