Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Bought by Mackenzie Financial Corp

Mackenzie Financial Corp lifted its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 12.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,835,186 shares of the semiconductor company's stock after buying an additional 196,483 shares during the period. Mackenzie Financial Corp owned about 3.45% of Cirrus Logic worth $182,748,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Castlekeep Investment Advisors LLC bought a new position in Cirrus Logic during the 4th quarter valued at about $1,695,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Cirrus Logic by 10.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 204,799 shares of the semiconductor company's stock valued at $20,394,000 after buying an additional 18,754 shares during the period. Voloridge Investment Management LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at about $1,383,000. Woodline Partners LP purchased a new stake in Cirrus Logic in the 4th quarter valued at about $4,998,000. Finally, iSAM Funds UK Ltd purchased a new stake in Cirrus Logic in the 4th quarter valued at about $234,000. 87.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Cirrus Logic Stock Performance

NASDAQ:CRUS traded up $2.30 during midday trading on Tuesday, reaching $102.19. 436,124 shares of the stock traded hands, compared to its average volume of 633,858. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46. The business has a 50-day moving average of $95.42 and a two-hundred day moving average of $100.62. The stock has a market capitalization of $5.43 billion, a PE ratio of 18.55 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.52. The company had revenue of $424.46 million during the quarter, compared to analysts' expectations 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 in the prior year, the company posted $1.24 earnings per share. Research analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

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

Insiders Place Their Bets

In other news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total value of $105,620.00. Following the sale, the director now owns 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.02% of the company's stock.

Cirrus Logic 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.