Millennium Management LLC Has $27.77 Million Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Millennium Management LLC grew its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 100.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 278,916 shares of the semiconductor company's stock after purchasing an additional 139,876 shares during the period. Millennium Management LLC owned about 0.52% of Cirrus Logic worth $27,774,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CRUS. Ritholtz Wealth Management grew its position in shares of Cirrus Logic by 4.1% during the 4th quarter. Ritholtz Wealth Management now owns 3,925 shares of the semiconductor company's stock worth $391,000 after purchasing an additional 153 shares in the last quarter. Arkadios Wealth Advisors grew its position in shares of Cirrus Logic by 36.2% during the 4th quarter. Arkadios Wealth Advisors now owns 8,628 shares of the semiconductor company's stock worth $859,000 after purchasing an additional 2,292 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in shares of Cirrus Logic by 52.4% during the 4th quarter. Crossmark Global Holdings Inc. now owns 47,695 shares of the semiconductor company's stock worth $4,749,000 after purchasing an additional 16,393 shares in the last quarter. Bartlett & CO. Wealth Management LLC grew its position in shares of Cirrus Logic by 40.0% during the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 700 shares of the semiconductor company's stock worth $70,000 after purchasing an additional 200 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Cirrus Logic by 8.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 2,992 shares of the semiconductor company's stock worth $298,000 after acquiring an additional 221 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock opened at $105.45 on Tuesday. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The firm has a market capitalization of $5.60 billion, a P/E ratio of 19.14 and a beta of 0.92. The company's 50 day moving average price is $95.14 and its two-hundred day moving average price is $100.70.

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 for the quarter, beating analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The firm had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. During the same quarter last year, the business posted $1.24 earnings per share. The company's quarterly revenue was up 14.2% on a year-over-year basis. On average, analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRUS. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research report on Wednesday, May 7th. Barclays increased 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. Finally, Benchmark reiterated a "buy" rating and set a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.

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