Massachusetts Financial Services Co. MA Increases Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Massachusetts Financial Services Co. MA boosted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 21.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,357 shares of the semiconductor company's stock after purchasing an additional 10,297 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.11% of Cirrus Logic worth $5,816,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CRUS. Raymond James Financial Inc. purchased a new position in Cirrus Logic in the 4th quarter valued at about $5,225,000. Commonwealth Equity Services LLC lifted its position in shares of Cirrus Logic by 62.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 3,543 shares of the semiconductor company's stock worth $353,000 after purchasing an additional 1,368 shares during the last quarter. Intech Investment Management LLC lifted its position in shares of Cirrus Logic by 52.9% during the fourth quarter. Intech Investment Management LLC now owns 13,689 shares of the semiconductor company's stock worth $1,363,000 after purchasing an additional 4,739 shares during the last quarter. Xponance Inc. lifted its position in shares of Cirrus Logic by 4.9% during the fourth quarter. Xponance Inc. now owns 7,256 shares of the semiconductor company's stock worth $723,000 after purchasing an additional 337 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its position in shares of Cirrus Logic by 17.5% during the fourth quarter. Teacher Retirement System of Texas now owns 53,627 shares of the semiconductor company's stock worth $5,340,000 after purchasing an additional 7,987 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Carl Jackson Alberty sold 2,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the executive vice president owned 41,645 shares in the company, valued at approximately $4,164,500. The trade was a 4.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the company's stock in a transaction dated 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 directly owned 14,001 shares of the company's stock, valued at $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 valued at $1,305,620 in the last quarter. Insiders own 1.16% of the company's stock.

Cirrus Logic Stock Down 0.0%

Shares of NASDAQ:CRUS opened at $103.37 on Friday. The firm has a fifty day moving average of $104.15 and a two-hundred day moving average of $100.78. The firm has a market capitalization of $5.30 billion, a P/E ratio of 17.20 and a beta of 0.95. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (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 analyst estimates of $380.26 million. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The company's revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter last year, the business posted $1.24 EPS. Equities research analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

A number of equities analysts have issued reports on CRUS shares. Barclays raised their target price 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. Wall Street Zen upgraded shares of Cirrus Logic from a "buy" rating to a "strong-buy" rating in a research note on Friday. Finally, Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $128.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.