Picton Mahoney Asset Management lifted its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 51,387.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,119 shares of the semiconductor company's stock after purchasing an additional 4,111 shares during the quarter. Picton Mahoney Asset Management's holdings in Cirrus Logic were worth $410,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. LSV Asset Management lifted its position in Cirrus Logic by 7.3% in the fourth quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company's stock valued at $224,728,000 after buying an additional 154,048 shares during the last quarter. Mackenzie Financial Corp lifted its position in Cirrus Logic by 12.0% in the fourth quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company's stock valued at $182,748,000 after buying an additional 196,483 shares during the last quarter. Castlekeep Investment Advisors LLC acquired a new position in Cirrus Logic in the fourth quarter valued at about $170,796,000. Wellington Management Group LLP lifted its position in Cirrus Logic by 4.1% in the fourth quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company's stock valued at $163,639,000 after buying an additional 65,441 shares during the last quarter. Finally, Earnest Partners LLC lifted its position in Cirrus Logic by 3.5% in the fourth quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company's stock valued at $135,841,000 after buying an additional 46,121 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.
Analysts Set New Price Targets
CRUS has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a research report on Wednesday, May 7th. Barclays increased their price target 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, Wall Street Zen cut shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 26th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $128.33.
Read Our Latest Stock Analysis on Cirrus Logic
Insider Activity at Cirrus Logic
In other Cirrus Logic news, EVP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the executive vice president directly owned 41,645 shares in the company, valued at $4,164,500. This represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total transaction of $105,620.00. Following the completion of the transaction, the director owned 20,907 shares in the company, valued at $2,208,197.34. This represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,000 shares of company stock valued at $1,305,620 over the last 90 days. 1.16% of the stock is owned by corporate insiders.
Cirrus Logic Trading Up 1.4%
NASDAQ:CRUS traded up $1.37 during mid-day trading on Friday, hitting $102.08. The stock had a trading volume of 617,397 shares, compared to its average volume of 407,952. The stock has a 50-day simple moving average of $103.71 and a two-hundred day simple moving average of $100.83. The company has a market capitalization of $5.24 billion, a PE ratio of 16.99 and a beta of 0.92. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share 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 analysts' expectations of $380.26 million. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The firm's revenue was up 14.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.24 earnings per share. Sell-side 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 plan on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.
Cirrus Logic Company Profile
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Free Report)
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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