GAMMA Investing LLC Purchases 1,146 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

GAMMA Investing LLC lifted its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 154.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,890 shares of the semiconductor company’s stock after acquiring an additional 1,146 shares during the quarter. GAMMA Investing LLC’s holdings in Cirrus Logic were worth $188,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Headlands Technologies LLC purchased a new stake in Cirrus Logic in the 4th quarter worth about $39,000. UMB Bank n.a. raised its holdings in shares of Cirrus Logic by 124.5% in the first quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company’s stock worth $52,000 after buying an additional 290 shares during the period. Transce3nd LLC purchased a new stake in shares of Cirrus Logic in the fourth quarter worth approximately $63,000. Menard Financial Group LLC bought a new stake in shares of Cirrus Logic during the 4th quarter worth approximately $67,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Cirrus Logic by 17.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,057 shares of the semiconductor company’s stock valued at $105,000 after acquiring an additional 155 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Trading Up 0.8%

CRUS opened at $110.25 on Friday. The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of 18.34 and a beta of 0.95. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46. The business’s fifty day simple moving average is $102.29 and its 200-day simple moving average is $100.51.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.52. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The company had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. During the same period in the prior year, the firm earned $1.24 earnings per share. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. On average, equities research analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic declared that its board has approved a stock buyback program on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CRUS shares. Benchmark reiterated a “buy” rating and issued a $125.00 target price on shares of Cirrus Logic in a research note on Wednesday, March 19th. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a report on Wednesday, May 7th. Wall Street Zen lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 5th. Finally, Barclays boosted their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.33.

Insider Activity

In related news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $1,000,000.00. Following the completion of the transaction, the executive vice president owned 14,001 shares of the company’s stock, valued at $1,400,100. The trade was a 41.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the sale, the executive vice president directly owned 41,645 shares in the company, valued at $4,164,500. This trade represents a 4.58% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is currently owned by corporate insiders.

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.