Woodline Partners LP Takes $5 Million Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Woodline Partners LP purchased a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 50,189 shares of the semiconductor company's stock, valued at approximately $4,998,000. Woodline Partners LP owned about 0.09% of Cirrus Logic at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. KBC Group NV boosted its position in Cirrus Logic by 52.5% during the fourth quarter. KBC Group NV now owns 1,896 shares of the semiconductor company's stock worth $189,000 after acquiring an additional 653 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Cirrus Logic by 34.1% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 132,578 shares of the semiconductor company's stock worth $13,202,000 after purchasing an additional 33,682 shares during the last quarter. Pacer Advisors Inc. boosted 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 worth $126,247,000 after purchasing an additional 387,346 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of Cirrus Logic by 8.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 2,992 shares of the semiconductor company's stock valued at $298,000 after purchasing an additional 221 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its stake in Cirrus Logic by 13.0% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 20,871 shares of the semiconductor company's stock valued at $2,078,000 after purchasing an additional 2,399 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CRUS shares. Benchmark reissued a "buy" rating and issued a $125.00 price target on shares of Cirrus Logic in a research note on Wednesday, March 19th. Wall Street Zen upgraded shares of Cirrus Logic from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 20th. Barclays raised their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Finally, Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $128.33.

Cirrus Logic Trading Up 2.3%

Shares of Cirrus Logic stock traded up $2.30 during trading hours on Tuesday, reaching $102.19. The stock had a trading volume of 436,124 shares, compared to its average volume of 633,858. The firm has a market capitalization of $5.43 billion, a price-to-earnings ratio of 18.55 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. The firm has a 50 day simple moving average of $95.37 and a two-hundred day simple moving average of $100.61.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.15 by $0.52. The firm had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. Cirrus Logic's revenue for the quarter was up 14.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.24 earnings per share. Sell-side analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic announced that its board has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy up to 9.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Insider Activity

In related news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following the completion of the sale, the director now directly owns 20,907 shares in the company, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.02% of the company's stock.

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.