Man Group plc Acquires 4,976 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Man Group plc lifted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 4.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 110,007 shares of the semiconductor company's stock after acquiring an additional 4,976 shares during the quarter. Man Group plc owned approximately 0.21% of Cirrus Logic worth $10,954,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Castlekeep Investment Advisors LLC bought a new stake in shares of Cirrus Logic during the 4th quarter valued at about $170,796,000. Allianz Asset Management GmbH lifted its stake in shares of Cirrus Logic by 137.2% in the 4th quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company's stock valued at $104,049,000 after purchasing an additional 604,431 shares during the period. Norges Bank bought a new stake in shares of Cirrus Logic during the fourth quarter valued at approximately $58,723,000. Pacer Advisors Inc. grew its stake in Cirrus Logic by 44.0% in the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company's stock worth $126,247,000 after purchasing an additional 387,346 shares during the period. Finally, Deutsche Bank AG raised its holdings in Cirrus Logic by 139.4% in the fourth quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company's stock worth $58,427,000 after purchasing an additional 341,615 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.

Analyst Upgrades and Downgrades

CRUS has been the topic of a number of research reports. Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a report on Wednesday, May 7th. Benchmark reissued a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. Finally, Barclays upped their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $128.33.

Cirrus Logic Price Performance

CRUS opened at $106.23 on Monday. The firm has a market cap of $5.65 billion, a PE ratio of 19.28 and a beta of 0.92. The stock has a 50-day moving average price of $94.98 and a 200-day moving average price of $100.73. 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 for the quarter, beating analysts' consensus estimates of $1.15 by $0.52. The business had revenue of $424.46 million during the quarter, compared to analyst estimates 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 was up 14.2% compared to the same quarter last year. During the same period last year, the business earned $1.24 EPS. As a group, sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic declared that its Board of Directors has authorized a share repurchase program on Tuesday, May 6th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

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.

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