Bridgefront Capital LLC Takes $543,000 Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Bridgefront Capital LLC bought a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,457 shares of the semiconductor company's stock, valued at approximately $543,000.

Several other hedge funds also recently made changes to their positions in CRUS. Castlekeep Investment Advisors LLC purchased a new position in Cirrus Logic during the fourth quarter valued at $170,796,000. Allianz Asset Management GmbH grew its position in Cirrus Logic by 137.2% during the 4th quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company's stock valued at $104,049,000 after purchasing an additional 604,431 shares during the last quarter. Norges Bank bought a new stake in Cirrus Logic during the 4th quarter valued at about $58,723,000. Pacer Advisors Inc. grew its holdings in shares of Cirrus Logic by 44.0% during the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company's stock valued at $126,247,000 after buying an additional 387,346 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its holdings in Cirrus Logic by 228.8% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company's stock worth $43,068,000 after acquiring an additional 300,942 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Stock Up 3.1 %

CRUS traded up $2.98 during trading on Friday, hitting $100.55. The company's stock had a trading volume of 741,572 shares, compared to its average volume of 628,775. The business's 50 day simple moving average is $94.79 and its 200-day simple moving average is $101.27. The firm has a market cap of $5.34 billion, a PE ratio of 18.25 and a beta of 0.92. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The company had revenue of $424.46 million for the quarter, compared to analysts' expectations of $380.26 million. During the same period last year, the firm earned $1.24 EPS. Cirrus Logic's revenue for the quarter was up 14.2% compared to the same quarter last year. Equities research analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its board has approved a share repurchase program on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 9.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

CRUS has been the subject of several recent analyst reports. Barclays boosted 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. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a report on Wednesday. Finally, Benchmark reissued a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a report 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's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $128.33.

Cirrus Logic Company 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.