Natixis Advisors LLC Boosts Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• Natixis Advisors LLC increased its stake in Cirrus Logic, Inc. by 20.2%, owning a total of 132,225 shares valued at approximately $13.18 million.
• Cirrus Logic reported a quarterly earnings beat with an EPS of $1.67, significantly surpassing analyst expectations of $1.15, and showcased a revenue increase of 14.2% year-over-year.
• The company has initiated a $500 million stock repurchase plan, indicating confidence from the board that its stock is undervalued; up to 9.6% of its shares may be repurchased.

Natixis Advisors LLC lifted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 20.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 132,225 shares of the semiconductor company's stock after acquiring an additional 22,260 shares during the quarter. Natixis Advisors LLC owned 0.25% of Cirrus Logic worth $13,177,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Banque Cantonale Vaudoise purchased a new stake in Cirrus Logic during the first quarter valued at about $30,000. Headlands Technologies LLC purchased a new stake in Cirrus Logic during the fourth quarter valued at $39,000. N.E.W. Advisory Services LLC bought a new position in shares of Cirrus Logic during the 1st quarter valued at approximately $50,000. UMB Bank n.a. raised its stake in Cirrus Logic by 124.5% during the 1st quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock valued at $52,000 after purchasing an additional 290 shares during the period. Finally, Transce3nd LLC bought a new position in Cirrus Logic during the fourth quarter valued at approximately $63,000. Hedge funds and other institutional investors own 87.96% of the company's stock.

Cirrus Logic Stock Performance

Cirrus Logic stock traded down $7.72 during trading on Wednesday, reaching $97.25. The company had a trading volume of 1,961,145 shares, compared to its average volume of 649,240. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The firm has a market capitalization of $4.99 billion, a PE ratio of 16.18 and a beta of 0.92. The firm's 50-day simple moving average is $103.88 and its 200 day simple moving average is $100.88.

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

Cirrus Logic declared that its board has approved a share buyback 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 reacquire up to 9.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CRUS has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Cirrus Logic from a "buy" rating to a "strong-buy" rating in a research note on Sunday. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research note on Wednesday, May 7th. Finally, Barclays raised their target price on Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $128.33.

Insider Buying and Selling

In related news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following the completion of the transaction, the director directly owned 20,907 shares in the company, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the executive vice president owned 41,645 shares in the company, valued at $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 sold 13,000 shares of company stock worth $1,305,620. Insiders own 1.16% of the company's stock.

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.