FORA Capital LLC Raises Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

FORA Capital LLC lifted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 45.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,191 shares of the semiconductor company's stock after acquiring an additional 5,372 shares during the quarter. FORA Capital LLC's holdings in Cirrus Logic were worth $1,712,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Castlekeep Investment Advisors LLC purchased a new stake in shares of Cirrus Logic during the fourth quarter valued at $170,796,000. Allianz Asset Management GmbH boosted its position in Cirrus Logic by 137.2% in the fourth quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company's stock worth $104,049,000 after purchasing an additional 604,431 shares during the last quarter. Norges Bank bought a new position in shares of Cirrus Logic in the fourth quarter worth about $58,723,000. Pacer Advisors Inc. raised its stake in shares of Cirrus Logic by 44.0% in the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company's stock worth $126,247,000 after buying an additional 387,346 shares during the period. Finally, Deutsche Bank AG raised its stake in shares of Cirrus Logic by 139.4% in the fourth quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company's stock worth $58,427,000 after buying an additional 341,615 shares during the period. Institutional investors own 87.96% of the company's stock.

Cirrus Logic Stock Up 5.3%

Shares of Cirrus Logic stock traded up $5.30 during mid-day trading on Monday, reaching $105.83. 766,278 shares of the stock traded hands, compared to its average volume of 629,325. The business has a 50-day moving average of $94.80 and a 200 day moving average of $101.02. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The stock has a market capitalization of $5.62 billion, a PE ratio of 19.21 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The company had revenue of $424.46 million during the quarter, compared to analysts' expectations of $380.26 million. During the same quarter last year, the firm earned $1.24 earnings per share. The firm's quarterly revenue was up 14.2% compared to the same quarter last year. On average, equities research analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its Board of Directors has initiated 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 shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

CRUS has been the topic of several recent analyst reports. Barclays lifted their target price on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a report on Wednesday, May 7th. Finally, Benchmark restated a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday, March 19th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Cirrus Logic presently has a consensus rating of "Moderate Buy" and a consensus price target of $128.33.

About Cirrus Logic

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.