Wealth Enhancement Advisory Services LLC Trims Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Wealth Enhancement Advisory Services LLC reduced its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 26.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 4,318 shares of the semiconductor company’s stock after selling 1,556 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Cirrus Logic were worth $430,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CRUS. Kohmann Bosshard Financial Services LLC purchased a new stake in Cirrus Logic in the 4th quarter worth approximately $28,000. Headlands Technologies LLC purchased a new position in Cirrus Logic during the fourth quarter valued at approximately $39,000. Quent Capital LLC boosted its position in shares of Cirrus Logic by 167.2% in the fourth quarter. Quent Capital LLC now owns 473 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 296 shares during the period. Transce3nd LLC purchased a new stake in shares of Cirrus Logic in the fourth quarter worth $63,000. Finally, Menard Financial Group LLC purchased a new stake in shares of Cirrus Logic in the fourth quarter worth $67,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Stock Performance

CRUS stock opened at $102.71 on Friday. The company’s fifty day moving average price is $96.36 and its 200-day moving average price is $100.49. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $147.46. The company has a market capitalization of $5.27 billion, a PE ratio of 18.64 and a beta of 0.93.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.52. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The company had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. During the same period in the previous year, the firm posted $1.24 EPS. Cirrus Logic’s revenue for the quarter was up 14.2% compared to the same quarter last year. On average, research analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

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

Insider Transactions at Cirrus Logic

In related news, EVP Carl Jackson Alberty sold 2,000 shares of the business’s 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 now owns 41,645 shares in the company, valued at approximately $4,164,500. The trade was a 4.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total transaction of $105,620.00. Following the transaction, the director now owns 20,907 shares of the company’s stock, valued at $2,208,197.34. This trade represents a 4.56% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,000 shares of company stock valued at $1,305,620. 1.02% of the stock is currently owned by insiders.

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.