Occudo Quantitative Strategies LP Sells 10,767 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Occudo Quantitative Strategies LP cut its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 78.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,958 shares of the semiconductor company's stock after selling 10,767 shares during the quarter. Occudo Quantitative Strategies LP's holdings in Cirrus Logic were worth $295,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Arizona State Retirement System grew its holdings in shares of Cirrus Logic by 0.7% in the fourth quarter. Arizona State Retirement System now owns 15,492 shares of the semiconductor company's stock valued at $1,543,000 after purchasing an additional 101 shares in the last quarter. Truvestments Capital LLC grew its holdings in shares of Cirrus Logic by 3.5% in the fourth quarter. Truvestments Capital LLC now owns 3,981 shares of the semiconductor company's stock valued at $396,000 after purchasing an additional 133 shares in the last quarter. Ritholtz Wealth Management grew its holdings in shares of Cirrus Logic by 4.1% in the fourth quarter. Ritholtz Wealth Management now owns 3,925 shares of the semiconductor company's stock valued at $391,000 after purchasing an additional 153 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Cirrus Logic by 17.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,057 shares of the semiconductor company's stock valued at $105,000 after purchasing an additional 155 shares in the last quarter. Finally, Covestor Ltd boosted its stake in Cirrus Logic by 21.5% during the fourth quarter. Covestor Ltd now owns 1,057 shares of the semiconductor company's stock worth $106,000 after buying an additional 187 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Barclays lifted their price objective 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. Benchmark reaffirmed a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $128.33.

Cirrus Logic Trading Down 0.6%

NASDAQ:CRUS opened at $106.23 on Friday. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46. The company has a market cap of $5.65 billion, a price-to-earnings ratio of 19.28 and a beta of 0.92. The stock has a fifty day simple moving average of $94.98 and a 200-day simple moving average of $100.89.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its earnings results 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 return on equity of 16.60% and a net margin of 16.55%. The business had revenue of $424.46 million during the quarter, compared to the consensus estimate of $380.26 million. During the same period last year, the company earned $1.24 earnings per share. The business's revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, equities research analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its board has authorized a stock repurchase 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 stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

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.

Want to see what other hedge funds are holding CRUS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.