Northern Trust Corp Sells 4,138 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• Northern Trust Corp sold 4,138 shares of Cirrus Logic, Inc., reducing its stake by 0.9% and holding 466,984 shares valued at approximately $46.5 million.
• Cirrus Logic reported strong quarterly earnings, beating expectations with $1.51 earnings per share and revenue of $407.27 million, up 8.9% from the previous year.
• The company initiated a stock buyback program authorizing $500 million to repurchase up to 9.6% of its shares, indicating a belief in its undervalued stock.

Northern Trust Corp cut its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 0.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 466,984 shares of the semiconductor company's stock after selling 4,138 shares during the quarter. Northern Trust Corp owned approximately 0.88% of Cirrus Logic worth $46,537,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CRUS. Castlekeep Investment Advisors LLC acquired a new stake in Cirrus Logic in the fourth quarter valued at about $170,796,000. Nuveen LLC bought a new position in Cirrus Logic in the first quarter valued at about $49,364,000. Deutsche Bank AG raised its position in Cirrus Logic by 139.4% in the fourth quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company's stock valued at $58,427,000 after purchasing an additional 341,615 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in Cirrus Logic by 228.8% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company's stock valued at $43,068,000 after purchasing an additional 300,942 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in Cirrus Logic by 12.0% in 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. 87.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRUS has been the subject of several research reports. Barclays increased their target price on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research report on Wednesday, May 7th. Finally, Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Monday, August 11th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $121.00.

Cirrus Logic Stock Performance

Shares of CRUS traded down $1.00 during mid-day trading on Tuesday, reaching $113.19. 408,900 shares of the company were exchanged, compared to its average volume of 614,819. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $143.35. The stock has a market capitalization of $5.81 billion, a PE ratio of 17.71 and a beta of 1.02. The business has a 50 day simple moving average of $107.49 and a two-hundred day simple moving average of $102.10.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.07 by $0.44. Cirrus Logic had a return on equity of 18.38% and a net margin of 18.15%.The company had revenue of $407.27 million during the quarter, compared to the consensus estimate of $361.97 million. During the same period last year, the company earned $1.12 earnings per share. The firm's revenue was up 8.9% compared to the same quarter last year. Cirrus Logic has set its Q2 2026 guidance at EPS. On average, analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

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

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.