Vestcor Inc Purchases 4,155 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• Vestcor Inc increased its holdings in Cirrus Logic, Inc. by 64.2% during Q1, now owning 10,624 shares worth approximately $1,059,000.
• Cirrus Logic reported earnings of $1.67 per share, surpassing estimates, alongside a 14.2% year-over-year revenue increase to $424.46 million.
• The company authorized a $500 million share buyback plan, indicating management's belief that the stock is undervalued.

Vestcor Inc boosted its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 64.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,624 shares of the semiconductor company's stock after acquiring an additional 4,155 shares during the quarter. Vestcor Inc's holdings in Cirrus Logic were worth $1,059,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CRUS. LSV Asset Management grew its stake in shares of Cirrus Logic by 7.3% during the fourth quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company's stock worth $224,728,000 after buying an additional 154,048 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Cirrus Logic by 12.0% during the fourth quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company's stock worth $182,748,000 after buying an additional 196,483 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new stake in shares of Cirrus Logic during the fourth quarter worth $170,796,000. Earnest Partners LLC grew its stake in shares of Cirrus Logic by 3.5% during the fourth quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company's stock worth $135,841,000 after buying an additional 46,121 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Cirrus Logic by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,247,535 shares of the semiconductor company's stock worth $124,234,000 after buying an additional 3,347 shares during the last quarter. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Stock Up 1.4%

Shares of Cirrus Logic stock opened at $102.08 on Friday. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46. The stock has a market cap of $5.24 billion, a price-to-earnings ratio of 16.99 and a beta of 0.92. The company's fifty day moving average is $103.71 and its 200 day moving average is $100.83.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share 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 analysts' expectations of $380.26 million. During the same quarter in the previous year, the firm posted $1.24 earnings per share. Cirrus Logic's revenue for the quarter was up 14.2% on a year-over-year basis. As a group, equities analysts anticipate 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 plan on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 9.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Barclays boosted 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 note on Wednesday, May 7th. Wall Street Zen cut shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, Cirrus Logic presently has an average rating of "Moderate Buy" and a consensus target price of $128.33.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total transaction of $105,620.00. Following the sale, the director owned 20,907 shares of the company's stock, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the company'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 sale, the executive vice president directly owned 14,001 shares in the company, valued at $1,400,100. This trade represents a 41.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,000 shares of company stock valued at $1,305,620. 1.16% of the stock is currently owned by 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.

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