Penserra Capital Management LLC Has $15.28 Million Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Penserra Capital Management LLC lifted its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 41.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 153,307 shares of the semiconductor company's stock after buying an additional 44,592 shares during the quarter. Penserra Capital Management LLC owned 0.29% of Cirrus Logic worth $15,277,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. LSV Asset Management increased its holdings in Cirrus Logic by 7.3% during the 4th quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company's stock worth $224,728,000 after purchasing an additional 154,048 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Cirrus Logic by 12.0% in the 4th quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company's stock worth $182,748,000 after acquiring an additional 196,483 shares in the last quarter. Castlekeep Investment Advisors LLC acquired a new position in shares of Cirrus Logic in the 4th quarter worth approximately $170,796,000. Wellington Management Group LLP grew its position in shares of Cirrus Logic by 4.1% in the 4th quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company's stock worth $163,639,000 after acquiring an additional 65,441 shares in the last quarter. Finally, Earnest Partners LLC grew its position in shares of Cirrus Logic by 3.5% in the 4th quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company's stock worth $135,841,000 after acquiring an additional 46,121 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the 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 owned 14,001 shares in the company, valued at $1,400,100. This trade represents a 41.66% 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 Carl Jackson Alberty sold 2,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the sale, the executive vice president owned 41,645 shares of the company's stock, valued at $4,164,500. The trade was a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock worth $1,305,620 in the last quarter. 1.16% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Barclays lifted their target price 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. Benchmark reiterated a "buy" rating and issued a $125.00 target price on shares of Cirrus Logic in a research report on Wednesday, March 19th. Wall Street Zen lowered Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday, June 5th. Finally, Stifel Nicolaus set a $120.00 price objective on Cirrus Logic 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 company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $128.33.

Cirrus Logic Stock Performance

Shares of NASDAQ:CRUS traded up $1.38 on Thursday, hitting $106.33. The company's stock had a trading volume of 506,780 shares, compared to its average volume of 636,743. The company has a market capitalization of $5.45 billion, a price-to-earnings ratio of 17.69 and a beta of 0.95. The stock's 50-day moving average is $103.34 and its two-hundred day moving average is $100.68. 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 announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.52. The business had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The company's revenue was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.24 earnings per share. Equities analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

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

Cirrus Logic 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.