Massachusetts Financial Services Co. MA raised its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating) by 5.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,755 shares of the semiconductor company's stock after buying an additional 1,471 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.05% of Cirrus Logic worth $2,608,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ raised its position in shares of Cirrus Logic by 568.4% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 12,700 shares of the semiconductor company's stock worth $1,077,000 after purchasing an additional 10,800 shares during the period. Systematic Alpha Investments LLC acquired a new position in shares of Cirrus Logic during the first quarter worth approximately $500,000. Mercer Global Advisors Inc. ADV raised its position in shares of Cirrus Logic by 15.1% during the first quarter. Mercer Global Advisors Inc. ADV now owns 4,093 shares of the semiconductor company's stock worth $347,000 after purchasing an additional 536 shares during the period. Van ECK Associates Corp raised its position in shares of Cirrus Logic by 15.9% during the first quarter. Van ECK Associates Corp now owns 1,450 shares of the semiconductor company's stock worth $123,000 after purchasing an additional 199 shares during the period. Finally, Oak Thistle LLC acquired a new position in shares of Cirrus Logic during the first quarter worth approximately $380,000. 86.74% of the stock is owned by institutional investors and hedge funds.
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Insider Buying and Selling at Cirrus Logic
In other news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $84.74, for a total transaction of $84,740.00. Following the completion of the transaction, the director now owns 18,875 shares in the company, valued at approximately $1,599,467.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $84.74, for a total transaction of $84,740.00. Following the completion of the transaction, the director now owns 18,875 shares in the company, valued at approximately $1,599,467.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Carl Jackson Alberty sold 1,823 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $88.24, for a total value of $160,861.52. Following the transaction, the vice president now owns 33,014 shares of the company's stock, valued at approximately $2,913,155.36. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company's stock.
Cirrus Logic Price Performance
Shares of NASDAQ:CRUS opened at $80.79 on Tuesday. The company has a market capitalization of $4.52 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 6.59 and a beta of 0.97. The business has a fifty day moving average price of $79.21 and a two-hundred day moving average price of $80.10. Cirrus Logic, Inc. has a 1 year low of $67.03 and a 1 year high of $95.84.
Cirrus Logic declared that its board has authorized a stock repurchase program on Tuesday, August 2nd that permits the company to buyback $500.00 million in shares. This buyback authorization permits the semiconductor company to reacquire up to 10.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.
Wall Street Analyst Weigh In
CRUS has been the topic of a number of research reports. Stifel Nicolaus upped their target price on Cirrus Logic from $112.00 to $120.00 in a research report on Wednesday, May 4th. StockNews.com lowered Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday, August 4th. Bank of America lowered their price target on Cirrus Logic from $85.00 to $80.00 and set an "underperform" rating for the company in a research report on Wednesday, June 29th. Cowen increased their price target on Cirrus Logic from $90.00 to $100.00 in a research report on Wednesday, August 3rd. Finally, KeyCorp lowered their price target on Cirrus Logic from $120.00 to $105.00 in a research report on Wednesday, May 4th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $102.60.
About Cirrus Logic
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Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including 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 digital signal processer; boosted amplifiers; 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, hearing augmentation, and active noise cancellation.
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