Russell Investments Group Ltd. lowered its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 3.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 95,269 shares of the semiconductor company's stock after selling 3,735 shares during the period. Russell Investments Group Ltd. owned about 0.18% of Cirrus Logic worth $9,494,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Mariner LLC grew its holdings in Cirrus Logic by 32.0% during the 4th quarter. Mariner LLC now owns 6,648 shares of the semiconductor company's stock valued at $662,000 after buying an additional 1,610 shares during the last quarter. Man Group plc boosted its stake in shares of Cirrus Logic by 4.7% during the fourth quarter. Man Group plc now owns 110,007 shares of the semiconductor company's stock valued at $10,954,000 after acquiring an additional 4,976 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Cirrus Logic by 124.5% during the first quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock valued at $52,000 after acquiring an additional 290 shares during the last quarter. Aaron Wealth Advisors LLC purchased a new stake in Cirrus Logic during the 1st quarter worth about $360,000. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Cirrus Logic by 262.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,664 shares of the semiconductor company's stock valued at $1,561,000 after purchasing an additional 11,346 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.
Cirrus Logic Price Performance
Shares of CRUS stock opened at $112.99 on Tuesday. The firm's 50-day simple moving average is $105.10 and its 200-day simple moving average is $101.31. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The firm has a market cap of $5.80 billion, a P/E ratio of 17.68 and a beta of 0.92.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The semiconductor company reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.07 by $0.44. The company had revenue of $407.27 million for the quarter, compared to the consensus estimate of $361.97 million. Cirrus Logic had a net margin of 18.15% and a return on equity of 18.38%. Cirrus Logic's revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.12 earnings per share. Analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.
Cirrus Logic announced that its board has initiated a stock 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 purchase up to 9.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.
Analyst Ratings Changes
Several equities research analysts have issued reports on CRUS shares. Wall Street Zen cut shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Monday, August 11th. Barclays raised their target price 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, Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Cirrus Logic has an average rating of "Moderate Buy" and a consensus target price of $121.00.
Get Our Latest Analysis on CRUS
Insider Buying and Selling
In other news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following the transaction, the director directly owned 20,907 shares of the company's stock, valued at $2,208,197.34. The trade was a 4.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the executive vice president directly owned 41,645 shares of the company's stock, valued at approximately $4,164,500. This trade represents a 4.58% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,000 shares of company stock valued at $1,305,620. 1.16% of the stock is currently owned by company insiders.
About Cirrus Logic
(
Free Report)
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.
Further Reading
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