Castlekeep Investment Advisors LLC Purchases Shares of 1,715,166 Cirrus Logic, Inc. (NASDAQ:CRUS)

Castlekeep Investment Advisors LLC acquired a new position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,715,166 shares of the semiconductor company's stock, valued at approximately $170,796,000. Cirrus Logic makes up 1.1% of Castlekeep Investment Advisors LLC's portfolio, making the stock its 26th biggest holding. Castlekeep Investment Advisors LLC owned about 3.23% of Cirrus Logic as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Bayesian Capital Management LP purchased a new position in Cirrus Logic in the fourth quarter valued at about $779,000. Ameriprise Financial Inc. boosted its position in Cirrus Logic by 20.9% during the fourth quarter. Ameriprise Financial Inc. now owns 564,357 shares of the semiconductor company's stock worth $56,199,000 after purchasing an additional 97,742 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in Cirrus Logic by 228.8% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company's stock valued at $43,068,000 after purchasing an additional 300,942 shares during the last quarter. Freestone Grove Partners LP purchased a new position in shares of Cirrus Logic in the fourth quarter valued at $9,391,000. Finally, Schonfeld Strategic Advisors LLC increased its position in shares of Cirrus Logic by 46.7% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 8,225 shares of the semiconductor company's stock valued at $819,000 after buying an additional 2,620 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on CRUS shares. Barclays raised their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a research report on Wednesday. Finally, Benchmark reaffirmed a "buy" rating and issued a $125.00 target price on shares of Cirrus Logic in a research note on Wednesday, March 19th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $126.43.

Cirrus Logic Stock Performance

NASDAQ CRUS traded down $2.06 during mid-day trading on Wednesday, reaching $96.66. 1,502,143 shares of the stock were exchanged, compared to its average volume of 631,164. The business's fifty day simple moving average is $94.92 and its 200 day simple moving average is $101.74. The stock has a market capitalization of $5.14 billion, a PE ratio of 17.54 and a beta of 0.92. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.52. The business had revenue of $424.46 million for 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 business's revenue was up 14.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.24 earnings per share. On average, analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic declared that its board has approved a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 9.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

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.