Letko Brosseau & Associates Inc. Boosts Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Letko Brosseau & Associates Inc. grew its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 3.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 445,999 shares of the semiconductor company's stock after acquiring an additional 13,700 shares during the quarter. Letko Brosseau & Associates Inc. owned 0.84% of Cirrus Logic worth $44,413,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Kohmann Bosshard Financial Services LLC bought a new position in shares of Cirrus Logic in the 4th quarter valued at $28,000. Headlands Technologies LLC acquired a new position in Cirrus Logic during the 4th quarter worth about $39,000. Sound Income Strategies LLC acquired a new stake in shares of Cirrus Logic in the fourth quarter valued at about $46,000. R Squared Ltd bought a new position in shares of Cirrus Logic during the fourth quarter worth about $47,000. Finally, Quent Capital LLC lifted its stake in shares of Cirrus Logic by 167.2% in the fourth quarter. Quent Capital LLC now owns 473 shares of the semiconductor company's stock worth $47,000 after acquiring an additional 296 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on CRUS shares. Benchmark reaffirmed a "buy" rating and set a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. Barclays boosted their price objective 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. Finally, Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research note on Wednesday, May 7th. One 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.com, Cirrus Logic currently has an average rating of "Moderate Buy" and a consensus price target of $128.33.

Cirrus Logic Trading Down 0.5%

Shares of Cirrus Logic stock traded down $0.55 during trading on Thursday, hitting $106.89. The stock had a trading volume of 712,200 shares, compared to its average volume of 629,345. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46. The business's 50-day moving average is $94.85 and its 200 day moving average is $101.10. The firm has a market cap of $5.68 billion, a price-to-earnings ratio of 19.40 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly 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 firm had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. During the same quarter in the previous year, the company posted $1.24 earnings per share. The company's revenue was up 14.2% compared to the same quarter last year. As a group, equities analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic declared that its board has authorized a share repurchase 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 buy up to 9.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its shares are undervalued.

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.