Comerica Bank Cuts Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Comerica Bank decreased its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 44.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,603 shares of the semiconductor company's stock after selling 13,339 shares during the period. Comerica Bank's holdings in Cirrus Logic were worth $1,653,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CRUS. Schonfeld Strategic Advisors LLC lifted its holdings in Cirrus Logic by 46.7% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 8,225 shares of the semiconductor company's stock worth $819,000 after buying an additional 2,620 shares during the period. Northern Trust Corp grew its holdings in Cirrus Logic by 23.6% during the 4th quarter. Northern Trust Corp now owns 471,122 shares of the semiconductor company's stock worth $46,914,000 after acquiring an additional 90,017 shares during the period. Earnest Partners LLC grew its holdings in Cirrus Logic by 3.5% during the 4th quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company's stock worth $135,841,000 after acquiring an additional 46,121 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of Cirrus Logic during the 4th quarter worth approximately $4,594,000. Finally, Pinebridge Investments L.P. boosted its holdings in shares of Cirrus Logic by 4.9% during the 4th quarter. Pinebridge Investments L.P. now owns 48,479 shares of the semiconductor company's stock worth $4,828,000 after buying an additional 2,254 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Wall Street Analysts Forecast Growth

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

Cirrus Logic Price Performance

Shares of NASDAQ CRUS traded down $0.47 during mid-day trading on Friday, reaching $106.42. 140,296 shares of the company's stock traded hands, compared to its average volume of 627,470. The stock has a market cap of $5.66 billion, a P/E ratio of 19.32 and a beta of 0.92. The business has a 50-day simple moving average of $94.90 and a 200 day simple moving average of $100.99. 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 earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, beating 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 analyst estimates of $380.26 million. During the same quarter last year, the company earned $1.24 earnings per share. The company's revenue for the quarter was up 14.2% on a year-over-year basis. Equities research analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to buy up to 9.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

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.