Mirae Asset Global Investments Co. Ltd. Has $7.59 Million Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Mirae Asset Global Investments Co. Ltd. grew its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 8.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 76,281 shares of the semiconductor company's stock after buying an additional 6,120 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 0.14% of Cirrus Logic worth $7,591,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. LSV Asset Management raised its stake in shares of Cirrus Logic by 7.3% in the 4th quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company's stock valued at $224,728,000 after acquiring an additional 154,048 shares in the last quarter. Mackenzie Financial Corp grew its holdings in Cirrus Logic by 12.0% during the fourth quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company's stock valued at $182,748,000 after purchasing an additional 196,483 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new position in shares of Cirrus Logic in the fourth quarter valued at approximately $170,796,000. Wellington Management Group LLP lifted its stake in shares of Cirrus Logic by 4.1% in the fourth quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company's stock worth $163,639,000 after buying an additional 65,441 shares during the last quarter. Finally, Earnest Partners LLC lifted its stake in shares of Cirrus Logic by 3.5% in the fourth quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company's stock worth $135,841,000 after buying an additional 46,121 shares during the last quarter. Institutional investors own 87.96% of the company's stock.

Cirrus Logic Stock Up 0.8%

NASDAQ CRUS traded up $0.83 during midday trading on Friday, hitting $110.25. The company had a trading volume of 257,777 shares, compared to its average volume of 636,174. The firm has a fifty day simple moving average of $102.63 and a two-hundred day simple moving average of $100.56. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The stock has a market cap of $5.66 billion, a price-to-earnings ratio of 18.34 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The business had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. During the same period last year, the business earned $1.24 earnings per share. The firm's revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, equities analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic declared that its Board of Directors has approved a share repurchase program 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 programs are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

CRUS has been the topic of several recent analyst reports. Benchmark reiterated a "buy" rating and issued a $125.00 target price on shares of Cirrus Logic in a report on Wednesday, March 19th. Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday, June 5th. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a research note on Wednesday, May 7th. Finally, Barclays boosted their price objective on Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research 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 stock currently has a consensus rating of "Moderate Buy" and an average price target of $128.33.

Insider Activity

In related news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the firm'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 completion of the transaction, the executive vice president directly owned 14,001 shares of the company's stock, valued at $1,400,100. This trade represents a 41.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the executive vice president owned 41,645 shares of the company's stock, valued at approximately $4,164,500. This represents a 4.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,000 shares of company stock worth $1,305,620. Company insiders own 1.16% of the company's stock.

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.