Sherbrooke Park Advisers LLC Increases Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Sherbrooke Park Advisers LLC increased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 20.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,844 shares of the semiconductor company's stock after purchasing an additional 2,866 shares during the period. Cirrus Logic makes up 0.5% of Sherbrooke Park Advisers LLC's holdings, making the stock its 7th biggest position. Sherbrooke Park Advisers LLC's holdings in Cirrus Logic were worth $1,677,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. KBC Group NV raised its position in shares of Cirrus Logic by 52.5% in the fourth quarter. KBC Group NV now owns 1,896 shares of the semiconductor company's stock worth $189,000 after acquiring an additional 653 shares during the period. Robeco Institutional Asset Management B.V. increased its position in shares of Cirrus Logic by 34.1% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 132,578 shares of the semiconductor company's stock valued at $13,202,000 after buying an additional 33,682 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Cirrus Logic by 44.0% during the 4th 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. Janney Montgomery Scott LLC lifted its position in shares of Cirrus Logic by 8.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 2,992 shares of the semiconductor company's stock valued at $298,000 after buying an additional 221 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D grew its stake in Cirrus Logic by 13.0% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 20,871 shares of the semiconductor company's stock valued at $2,078,000 after acquiring an additional 2,399 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Stock Performance

CRUS traded down $0.80 during trading on Wednesday, hitting $105.13. The stock had a trading volume of 425,805 shares, compared to its average volume of 630,090. The firm has a market capitalization of $5.59 billion, a P/E ratio of 19.06 and a beta of 0.92. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46. The company's 50-day moving average price is $95.29 and its 200 day moving average price is $100.74.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.52. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The business had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. During the same quarter in the prior year, the firm posted $1.24 earnings per share. The company's quarterly 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 earnings per share for the current fiscal year.

Cirrus Logic declared that its board has approved a stock repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently issued reports on CRUS. Barclays lifted their price objective on Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research note on Wednesday, May 7th. StockNews.com upgraded shares of Cirrus Logic from a "buy" rating to a "strong-buy" rating in a report on Tuesday. Finally, Benchmark restated a "buy" rating and issued 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, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cirrus Logic currently has a consensus rating of "Buy" and an average target price 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.