Jupiter Asset Management Ltd. Raises Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• Jupiter Asset Management Ltd. increased its stake in Cirrus Logic, Inc. by 15.3%, owning approximately $28.73 million worth of shares as of the latest SEC filing.
• Cirrus Logic's board approved a $500 million share buyback program, reflecting confidence in the stock's valuation.
• The company reported a 14.2% year-over-year revenue increase, with earnings per share (EPS) of $1.67, exceeding analysts' expectations.

Jupiter Asset Management Ltd. boosted its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 15.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 288,268 shares of the semiconductor company's stock after acquiring an additional 38,291 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.54% of Cirrus Logic worth $28,727,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CRUS. Banque Cantonale Vaudoise purchased a new position in shares of Cirrus Logic during the first quarter valued at approximately $30,000. Headlands Technologies LLC purchased a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $39,000. N.E.W. Advisory Services LLC purchased a new position in shares of Cirrus Logic during the first quarter valued at approximately $50,000. UMB Bank n.a. boosted its position in shares of Cirrus Logic by 124.5% during the first quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock valued at $52,000 after buying an additional 290 shares during the period. Finally, Transce3nd LLC purchased a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $63,000. 87.96% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction on 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total value of $1,000,000.00. Following the sale, the executive vice president owned 14,001 shares of the company's stock, valued at approximately $1,400,100. This represents a 41.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,000 shares of company stock worth $1,305,620 over the last 90 days. Company insiders own 1.16% of the company's stock.

Cirrus Logic Trading Down 8.5%

Shares of NASDAQ CRUS traded down $8.89 during trading hours on Wednesday, reaching $96.09. The stock had a trading volume of 523,624 shares, compared to its average volume of 638,367. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of 15.91 and a beta of 0.92. The business's fifty day moving average price is $103.88 and its two-hundred day moving average price is $100.88. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results 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. The company had revenue of $407.27 million during the quarter, compared to analyst estimates of $361.97 million. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. Cirrus Logic's revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.12 earnings per share. Equities research analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 6th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the semiconductor company to buy up to 9.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have issued reports on CRUS shares. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research report on Wednesday, May 7th. Wall Street Zen upgraded Cirrus Logic from a "buy" rating to a "strong-buy" rating in a report on Sunday. Finally, Barclays boosted their price target on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cirrus Logic currently has a consensus rating of "Buy" and a consensus target price 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.