UBS Asset Management Americas Inc. increased its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 10.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,304,324 shares of the semiconductor company’s stock after purchasing an additional 125,285 shares during the quarter. UBS Asset Management Americas Inc. owned 2.06% of Cirrus Logic worth $67,642,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Cirrus Logic by 72.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock valued at $138,000 after acquiring an additional 1,086 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in Cirrus Logic by 96.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock valued at $157,000 after acquiring an additional 1,372 shares during the period. Capital Fund Management S.A. acquired a new position in Cirrus Logic in the fourth quarter valued at approximately $200,000. Sapphire Star Partners LP acquired a new position in Cirrus Logic in the third quarter valued at approximately $211,000. Finally, Rational Advisors LLC acquired a new position in Cirrus Logic in the third quarter valued at approximately $213,000. 91.67% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on CRUS. ValuEngine raised Cirrus Logic from a “hold” rating to a “buy” rating in a report on Friday, February 9th. BidaskClub downgraded Cirrus Logic from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. MKM Partners decreased their price target on Cirrus Logic to $54.00 and set a “buy” rating for the company in a report on Tuesday, February 6th. Northland Securities reissued a “buy” rating and issued a $60.00 price target on shares of Cirrus Logic in a report on Tuesday, February 6th. Finally, Bank of America decreased their price target on Cirrus Logic from $50.00 to $41.00 and set a “sell” rating for the company in a report on Tuesday, February 6th. Five analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $60.92.
In other news, VP Randolph K. Carlson sold 7,265 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $42.03, for a total value of $305,347.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christine King sold 562 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $49.75, for a total value of $27,959.50. Following the completion of the sale, the director now owns 11,744 shares of the company’s stock, valued at $584,264. The disclosure for this sale can be found here. Insiders sold 8,405 shares of company stock valued at $363,200 over the last 90 days. Company insiders own 1.92% of the company’s stock.
Shares of Cirrus Logic, Inc. (NASDAQ CRUS) opened at $43.30 on Friday. The company has a market capitalization of $2,800.00, a P/E ratio of 11.83, a PEG ratio of 1.24 and a beta of -0.02. Cirrus Logic, Inc. has a 12-month low of $39.51 and a 12-month high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Monday, February 5th. The semiconductor company reported $1.59 EPS for the quarter, missing the Zacks’ consensus estimate of $1.78 by ($0.19). The business had revenue of $482.70 million during the quarter, compared to analysts’ expectations of $530.99 million. Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. The firm’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.87 earnings per share. analysts forecast that Cirrus Logic, Inc. will post 3.78 EPS for the current fiscal year.
Cirrus Logic announced that its board has approved a share buyback plan on Monday, February 5th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the semiconductor company to repurchase shares 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.
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Cirrus Logic Company Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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