Charles Schwab Investment Management Inc. Reduces Stake in Cirrus Logic, Inc. $CRUS

Key Points

• Charles Schwab Investment Management reduced its stake in Cirrus Logic, Inc. by 2.6%, now holding 699,440 shares valued at approximately $69.7 million.
• The company's recent quarterly earnings report showed a significant earnings per share of $1.51, surpassing estimates and highlighting a revenue increase of 8.9% year-over-year.
• Cirrus Logic has announced a stock buyback plan authorizing up to $500 million to repurchase shares, indicating confidence in the stock's valuation.

Charles Schwab Investment Management Inc. lessened its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 2.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 699,440 shares of the semiconductor company's stock after selling 18,913 shares during the period. Charles Schwab Investment Management Inc. owned 1.32% of Cirrus Logic worth $69,703,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Advisory Services Network LLC grew its position in shares of Cirrus Logic by 126.0% during the 4th quarter. Advisory Services Network LLC now owns 3,546 shares of the semiconductor company's stock worth $353,000 after buying an additional 1,977 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Cirrus Logic in the fourth quarter worth about $5,225,000. Sterling Capital Management LLC grew its holdings in Cirrus Logic by 56.6% during the 4th quarter. Sterling Capital Management LLC now owns 3,212 shares of the semiconductor company's stock worth $320,000 after acquiring an additional 1,161 shares in the last quarter. Barclays PLC grew its holdings in Cirrus Logic by 0.9% during the 4th quarter. Barclays PLC now owns 99,414 shares of the semiconductor company's stock worth $9,899,000 after acquiring an additional 932 shares in the last quarter. Finally, Mariner LLC raised its holdings in shares of Cirrus Logic by 32.0% in the 4th quarter. Mariner LLC now owns 6,648 shares of the semiconductor company's stock valued at $662,000 after purchasing an additional 1,610 shares in the last quarter. Institutional investors own 87.96% of the company's stock.

Insiders Place Their Bets

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the business's 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 sale, the director owned 20,907 shares of the company's stock, valued at approximately $2,208,197.34. The trade was a 4.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the transaction, the executive vice president owned 14,001 shares in the company, valued at $1,400,100. The trade was a 41.66% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,000 shares of company stock valued at $1,305,620. 1.16% of the stock is currently owned by corporate insiders.

Cirrus Logic Stock Performance

CRUS traded up $0.14 during trading on Tuesday, hitting $113.13. The stock had a trading volume of 43,070 shares, compared to its average volume of 641,312. The stock has a 50 day simple moving average of $105.10 and a two-hundred day simple moving average of $101.31. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46. The company has a market capitalization of $5.81 billion, a PE ratio of 17.74 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The semiconductor company reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.07 by $0.44. Cirrus Logic had a return on equity of 18.38% and a net margin of 18.15%. The firm had revenue of $407.27 million during the quarter, compared to analysts' expectations of $361.97 million. During the same quarter last year, the firm earned $1.12 EPS. The business's quarterly revenue was up 8.9% on a year-over-year basis. On average, equities research analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

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

Analyst Upgrades and Downgrades

CRUS has been the subject of several research reports. Barclays upped 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. Wall Street Zen lowered Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Monday, August 11th. Finally, Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $121.00.

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.