UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Boosts Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 10.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 204,799 shares of the semiconductor company's stock after purchasing an additional 18,754 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.39% of Cirrus Logic worth $20,394,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Kohmann Bosshard Financial Services LLC purchased a new stake in Cirrus Logic during the fourth quarter worth about $28,000. Headlands Technologies LLC purchased a new stake in Cirrus Logic during the fourth quarter worth about $39,000. Quent Capital LLC increased its stake in Cirrus Logic by 167.2% during the fourth quarter. Quent Capital LLC now owns 473 shares of the semiconductor company's stock worth $47,000 after purchasing an additional 296 shares during the period. R Squared Ltd purchased a new stake in Cirrus Logic during the fourth quarter worth about $47,000. Finally, Transce3nd LLC purchased a new stake in Cirrus Logic during the fourth quarter worth about $63,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Cirrus Logic Trading Down 2.0%

Shares of Cirrus Logic stock traded down $2.01 during trading hours on Friday, hitting $97.80. 616,371 shares of the company were exchanged, compared to its average volume of 635,594. The business has a 50-day moving average of $95.28 and a 200-day moving average of $100.53. The stock has a market capitalization of $5.04 billion, a price-to-earnings ratio of 17.75 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 released 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 firm had revenue of $424.46 million during 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%. Cirrus Logic's revenue was up 14.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.24 earnings per share. As a group, research analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic declared that its board has authorized a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total transaction of $105,620.00. Following the completion of the sale, the director now owns 20,907 shares in the company, valued at approximately $2,208,197.34. This trade represents a 4.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.02% of the stock is owned by corporate insiders.

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.