OppenheimerFunds Inc. lifted its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 17.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,110 shares of the semiconductor company’s stock after acquiring an additional 1,486 shares during the quarter. OppenheimerFunds Inc.’s holdings in Cirrus Logic were worth $524,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of CRUS. Old Mutual Global Investors UK Ltd. lifted its position in shares of Cirrus Logic by 86.5% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 1,623,684 shares of the semiconductor company’s stock valued at $84,204,000 after acquiring an additional 753,200 shares in the last quarter. Schroder Investment Management Group lifted its position in shares of Cirrus Logic by 7,628.2% in the 4th quarter. Schroder Investment Management Group now owns 497,003 shares of the semiconductor company’s stock valued at $25,775,000 after acquiring an additional 490,572 shares in the last quarter. APG Asset Management N.V. lifted its position in shares of Cirrus Logic by 139.1% in the 4th quarter. APG Asset Management N.V. now owns 353,600 shares of the semiconductor company’s stock valued at $15,271,000 after acquiring an additional 205,700 shares in the last quarter. BlackRock Inc. lifted its position in shares of Cirrus Logic by 2.9% in the 4th quarter. BlackRock Inc. now owns 7,070,636 shares of the semiconductor company’s stock valued at $366,682,000 after acquiring an additional 197,960 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Cirrus Logic in the 3rd quarter valued at approximately $9,395,000. Institutional investors and hedge funds own 91.49% of the company’s stock.
In other Cirrus Logic news, VP Randolph K. Carlson sold 7,265 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $42.03, for a total value of $305,347.95. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last quarter, insiders sold 7,888 shares of company stock worth $335,162. Company insiders own 1.92% of the company’s stock.
CRUS has been the subject of several research analyst reports. Vetr downgraded shares of Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 price target for the company. in a research report on Monday, December 18th. BidaskClub downgraded shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Wednesday, December 6th. Zacks Investment Research downgraded shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Friday, January 12th. ValuEngine upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Friday, February 9th. Finally, Barclays reduced their price target on shares of Cirrus Logic from $45.00 to $36.00 and set an “underweight” rating for the company in a research report on Tuesday, February 6th. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. Cirrus Logic presently has a consensus rating of “Hold” and an average price target of $60.22.
Cirrus Logic stock opened at $43.40 on Thursday. The firm has a market cap of $2,753.27, a P/E ratio of 10.81, a price-to-earnings-growth ratio of 1.27 and a beta of 0.11. Cirrus Logic, Inc. has a 12 month low of $39.51 and a 12 month high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Monday, February 5th. The semiconductor company reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.78 by ($0.19). The company had revenue of $482.70 million during the quarter, compared to analyst estimates 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 in the prior year, the company posted $1.87 EPS. equities research analysts expect that Cirrus Logic, Inc. will post 3.78 earnings per share for the current year.
Cirrus Logic declared that its Board of Directors has approved a stock buyback program on Monday, February 5th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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Cirrus Logic 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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