BNP Paribas Financial Markets Sells 23,457 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

BNP Paribas Financial Markets reduced its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 43.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,798 shares of the semiconductor company's stock after selling 23,457 shares during the period. BNP Paribas Financial Markets owned about 0.06% of Cirrus Logic worth $3,067,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in CRUS. Arizona State Retirement System raised its position in Cirrus Logic by 0.7% during the fourth quarter. Arizona State Retirement System now owns 15,492 shares of the semiconductor company's stock valued at $1,543,000 after acquiring an additional 101 shares in the last quarter. Truvestments Capital LLC raised its position in Cirrus Logic by 3.5% during the fourth quarter. Truvestments Capital LLC now owns 3,981 shares of the semiconductor company's stock valued at $396,000 after acquiring an additional 133 shares in the last quarter. Ritholtz Wealth Management raised its position in Cirrus Logic by 4.1% during the fourth quarter. Ritholtz Wealth Management now owns 3,925 shares of the semiconductor company's stock valued at $391,000 after acquiring an additional 153 shares in the last quarter. Covestor Ltd raised its position in Cirrus Logic by 21.5% during the fourth quarter. Covestor Ltd now owns 1,057 shares of the semiconductor company's stock valued at $106,000 after acquiring an additional 187 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC raised its position in Cirrus Logic by 40.0% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 700 shares of the semiconductor company's stock valued at $70,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 87.96% of the company's stock.

Cirrus Logic Stock Down 0.5%

Shares of NASDAQ:CRUS opened at $106.89 on Friday. The business has a fifty day moving average of $94.90 and a two-hundred day moving average of $100.99. The stock has a market cap of $5.68 billion, a P/E ratio of 19.40 and a beta of 0.92. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued 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. The company had revenue of $424.46 million during the quarter, compared to analysts' expectations of $380.26 million. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The firm's quarterly revenue was up 14.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.24 EPS. On average, equities analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic announced that its Board of Directors has initiated a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

CRUS has been the subject of several recent research reports. Barclays lifted their price target on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Benchmark restated a "buy" rating and issued a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a research report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $128.33.

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.

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