Lazard Asset Management LLC Reduces Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Lazard Asset Management LLC lessened its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 22.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 111,473 shares of the semiconductor company's stock after selling 31,526 shares during the quarter. Lazard Asset Management LLC owned about 0.21% of Cirrus Logic worth $11,100,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Kohmann Bosshard Financial Services LLC acquired a new position in Cirrus Logic in the fourth quarter valued at approximately $28,000. Headlands Technologies LLC acquired a new position in shares of Cirrus Logic in the 4th quarter valued at $39,000. Sound Income Strategies LLC purchased a new position in shares of Cirrus Logic during the 4th quarter worth $46,000. R Squared Ltd acquired a new stake in shares of Cirrus Logic during the 4th quarter worth about $47,000. Finally, Quent Capital LLC raised its holdings in Cirrus Logic by 167.2% in the 4th quarter. Quent Capital LLC now owns 473 shares of the semiconductor company's stock valued at $47,000 after buying an additional 296 shares during the period. Hedge funds and other institutional investors own 87.96% of the company's stock.

Cirrus Logic Trading Up 0.2%

CRUS traded up $0.21 during trading hours on Tuesday, hitting $105.66. 118,048 shares of the company's stock were exchanged, compared to its average volume of 705,049. The firm has a market cap of $5.62 billion, a P/E ratio of 19.18 and a beta of 0.92. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46. The firm has a 50 day moving average of $95.14 and a 200 day moving average of $100.70.

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

Cirrus Logic announced that its board has authorized a share buyback program on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 9.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

CRUS has been the subject of several research analyst reports. Barclays increased 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. Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a report on Wednesday, May 7th. Finally, Benchmark restated a "buy" rating and set a $125.00 price target on shares of Cirrus Logic in a research note 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, the company presently has a consensus rating of "Moderate Buy" and an average price target of $128.33.

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.