Teacher Retirement System of Texas Has $1.75 Million Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Teacher Retirement System of Texas reduced its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 67.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,571 shares of the semiconductor company's stock after selling 36,056 shares during the quarter. Teacher Retirement System of Texas' holdings in Cirrus Logic were worth $1,751,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Aaron Wealth Advisors LLC bought a new stake in shares of Cirrus Logic in the 1st quarter worth about $360,000. Kendall Capital Management raised its holdings in shares of Cirrus Logic by 8.3% in the first quarter. Kendall Capital Management now owns 10,080 shares of the semiconductor company's stock valued at $1,005,000 after purchasing an additional 770 shares during the last quarter. KBC Group NV grew its stake in shares of Cirrus Logic by 22.3% in the first quarter. KBC Group NV now owns 2,318 shares of the semiconductor company's stock valued at $231,000 after buying an additional 422 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Cirrus Logic by 20.4% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,455 shares of the semiconductor company's stock valued at $245,000 after buying an additional 416 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Cirrus Logic by 8.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 76,281 shares of the semiconductor company's stock worth $7,591,000 after buying an additional 6,120 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRUS has been the subject of several analyst reports. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a research note on Wednesday, May 7th. Barclays lifted their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Benchmark reiterated a "buy" rating and set a $125.00 target price on shares of Cirrus Logic in a research report on Wednesday, March 19th. Finally, Wall Street Zen downgraded shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday, June 5th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, Cirrus Logic has an average rating of "Moderate Buy" and an average price target of $128.33.

Cirrus Logic Trading Down 1.8%

Shares of CRUS stock opened at $104.43 on Friday. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46. The firm has a market capitalization of $5.36 billion, a PE ratio of 17.38 and a beta of 0.95. The firm has a fifty day simple moving average of $103.68 and a two-hundred day simple moving average of $100.72.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The firm's revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.24 earnings per share. On average, equities analysts predict 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 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 purchase up to 9.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Carl Jackson Alberty sold 2,000 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 41,645 shares in the company, valued at approximately $4,164,500. This trade represents a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the executive vice president 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 disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock worth $1,305,620 over the last quarter. 1.16% of the stock is currently owned by company insiders.

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.

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