Universal Beteiligungs und Servicegesellschaft mbH Raises Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH increased its stake in Cirrus Logic, Inc. by 23.8%, owning approximately 0.23% of the company with a value of $11.9 million as of the latest SEC filing.
• Cirrus Logic's Board of Directors has authorized a $500 million stock repurchase plan, indicating the management’s belief that the shares are undervalued.
• Equities research firms have issued new price targets for Cirrus Logic, with Barclays increasing its target from $80 to $90 and Stifel Nicolaus setting a target of $120.

Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 23.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 119,640 shares of the semiconductor company's stock after purchasing an additional 23,034 shares during the quarter. Universal Beteiligungs und Servicegesellschaft mbH owned 0.23% of Cirrus Logic worth $11,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Choreo LLC lifted its position in Cirrus Logic by 34.3% during the first quarter. Choreo LLC now owns 3,112 shares of the semiconductor company's stock valued at $310,000 after purchasing an additional 794 shares during the last quarter. Jackson Creek Investment Advisors LLC bought a new stake in shares of Cirrus Logic in the 1st quarter worth approximately $743,000. Pzena Investment Management LLC bought a new stake in shares of Cirrus Logic in the 1st quarter worth approximately $232,000. Burns Matteson Capital Management LLC lifted its holdings in shares of Cirrus Logic by 13.5% in the 1st quarter. Burns Matteson Capital Management LLC now owns 2,862 shares of the semiconductor company's stock worth $285,000 after acquiring an additional 340 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Cirrus Logic by 21.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 58,357 shares of the semiconductor company's stock worth $5,816,000 after acquiring an additional 10,297 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Stock Performance

Shares of NASDAQ CRUS traded down $0.28 during mid-day trading on Tuesday, hitting $103.80. The stock had a trading volume of 94,224 shares, compared to its average volume of 636,608. Cirrus Logic, Inc. has a 1 year low of $75.83 and a 1 year high of $147.46. The business has a 50 day moving average price of $103.72 and a two-hundred day moving average price of $100.77. The firm has a market cap of $5.32 billion, a P/E ratio of 17.27 and a beta of 0.95.

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

Cirrus Logic declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CRUS shares. Barclays boosted their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a report on Wednesday, May 7th. Finally, Wall Street Zen lowered shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Saturday. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $128.33.

Insider Buying and Selling

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the business's stock in a transaction 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 transaction, the executive vice president directly owned 14,001 shares of the company's stock, valued at approximately $1,400,100. The trade was a 41.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Carl Jackson Alberty sold 2,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the executive vice president directly owned 41,645 shares in the company, valued at approximately $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 have sold a total of 13,000 shares of company stock valued at $1,305,620 over the last three months. 1.16% of the stock is owned by company insiders.

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.