Cresset Asset Management LLC Has $1.13 Million Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Cresset Asset Management LLC lessened its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 67.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,338 shares of the semiconductor company's stock after selling 23,357 shares during the quarter. Cresset Asset Management LLC's holdings in Cirrus Logic were worth $1,129,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Crestline Management LP acquired a new stake in Cirrus Logic in the 4th quarter valued at approximately $279,000. Cetera Investment Advisers raised its position in Cirrus Logic by 30.3% in the 4th quarter. Cetera Investment Advisers now owns 2,767 shares of the semiconductor company's stock valued at $276,000 after buying an additional 643 shares during the last quarter. Centiva Capital LP raised its position in Cirrus Logic by 150.6% in the 4th quarter. Centiva Capital LP now owns 24,888 shares of the semiconductor company's stock valued at $2,478,000 after buying an additional 14,958 shares during the last quarter. Bridgefront Capital LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at approximately $543,000. Finally, Castlekeep Investment Advisors LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at approximately $170,796,000. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Trading Up 3.1%

Shares of NASDAQ CRUS opened at $100.55 on Monday. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46. The stock has a 50 day moving average of $94.79 and a 200-day moving average of $101.13. The company has a market capitalization of $5.34 billion, a P/E ratio of 18.25 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $380.26 million. During the same period in the previous year, the company posted $1.24 EPS. The firm's revenue for the quarter was up 14.2% compared to the same quarter last year. Analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic declared that its Board of Directors has approved a stock buyback program on Tuesday, May 6th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Benchmark reaffirmed a "buy" rating and set a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a research report on Wednesday. Finally, 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 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 company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average 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.

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