Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Acquired by Northern Trust Corp

Northern Trust Corp raised its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 23.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 471,122 shares of the semiconductor company's stock after acquiring an additional 90,017 shares during the period. Northern Trust Corp owned about 0.89% of Cirrus Logic worth $46,914,000 as of its most recent filing with the Securities and Exchange Commission.

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

Cirrus Logic Trading Up 3.1 %

Shares of NASDAQ:CRUS traded up $2.98 during trading on Friday, reaching $100.55. The stock had a trading volume of 741,572 shares, compared to its average volume of 628,775. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $147.46. The company has a market capitalization of $5.34 billion, a P/E ratio of 18.25 and a beta of 0.92. The firm's 50-day simple moving average is $94.79 and its 200 day simple moving average is $101.13.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted 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. The firm 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%. Cirrus Logic's revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period last year, the company earned $1.24 earnings per share. Equities research analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic announced that its board has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to purchase up to 9.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

CRUS has been the subject of a number of recent analyst reports. Barclays upped their price target on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday. Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a research note on Wednesday. Finally, Benchmark reissued a "buy" rating and set a $125.00 target price on shares of Cirrus Logic in a research 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 company. Based on data from MarketBeat.com, Cirrus Logic has an average 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.