Farther Finance Advisors LLC Acquires 785 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Farther Finance Advisors LLC grew its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 41.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,690 shares of the semiconductor company’s stock after acquiring an additional 785 shares during the quarter. Farther Finance Advisors LLC’s holdings in Cirrus Logic were worth $269,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CRUS. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Cirrus Logic during the 4th quarter valued at about $28,000. Headlands Technologies LLC purchased a new position in shares of Cirrus Logic during the 4th quarter valued at about $39,000. UMB Bank n.a. raised its holdings in shares of Cirrus Logic by 124.5% during the 1st quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company’s stock valued at $52,000 after buying an additional 290 shares in the last quarter. Transce3nd LLC purchased a new position in shares of Cirrus Logic during the 4th quarter valued at about $63,000. Finally, Menard Financial Group LLC purchased a new position in shares of Cirrus Logic during the 4th quarter valued at about $67,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Stock Performance

CRUS opened at $104.34 on Thursday. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The stock has a market capitalization of $5.35 billion, a PE ratio of 17.36 and a beta of 0.93. The stock’s 50 day moving average price is $97.91 and its 200-day moving average price is $100.42.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.52. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The firm had revenue of $424.46 million for the quarter, compared to analysts’ expectations of $380.26 million. During the same period in the previous year, the firm earned $1.24 earnings per share. The business’s revenue was up 14.2% compared to the same quarter last year. Research analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its board has approved a stock buyback program on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in outstanding 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 typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Cirrus Logic news, EVP Carl Jackson Alberty sold 2,000 shares of the business’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the sale, the executive vice president now directly owns 41,645 shares of the company’s stock, valued at approximately $4,164,500. The trade was a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Alexander M. Davern sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following the completion of the sale, the director now directly owns 20,907 shares in the company, valued at $2,208,197.34. This trade represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,000 shares of company stock valued at $1,305,620 over the last ninety days. Company insiders own 1.16% of the company’s stock.

Wall Street Analyst Weigh In

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

Cirrus Logic Profile

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.