Systematic Financial Management LP boosted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 32,945 shares of the semiconductor company’s stock after buying an additional 845 shares during the period. Systematic Financial Management LP’s holdings in Cirrus Logic were worth $1,386,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. increased its position in Cirrus Logic by 98.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after purchasing an additional 657,662 shares in the last quarter. Vanguard Group Inc. increased its position in Cirrus Logic by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 5,619,593 shares of the semiconductor company’s stock worth $216,916,000 after purchasing an additional 24,334 shares in the last quarter. Teachers Advisors LLC increased its position in Cirrus Logic by 0.4% during the 3rd quarter. Teachers Advisors LLC now owns 133,374 shares of the semiconductor company’s stock worth $5,148,000 after purchasing an additional 547 shares in the last quarter. Virtu Financial LLC increased its position in Cirrus Logic by 18.0% during the 4th quarter. Virtu Financial LLC now owns 11,107 shares of the semiconductor company’s stock worth $369,000 after purchasing an additional 1,695 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in Cirrus Logic by 813.1% during the 4th quarter. Meeder Asset Management Inc. now owns 6,291 shares of the semiconductor company’s stock worth $209,000 after purchasing an additional 5,602 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CRUS traded down $1.23 during trading hours on Friday, hitting $43.41. 13,076 shares of the company were exchanged, compared to its average volume of 680,988. The company has a market cap of $2.57 billion, a PE ratio of 21.21, a price-to-earnings-growth ratio of 2.04 and a beta of 0.65. Cirrus Logic, Inc. has a 52 week low of $31.25 and a 52 week high of $50.12.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 1st. The semiconductor company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.04. Cirrus Logic had a return on equity of 10.65% and a net margin of 7.59%. The firm had revenue of $240.44 million during the quarter, compared to the consensus estimate of $219.67 million. During the same quarter in the prior year, the company earned $0.51 EPS. The firm’s revenue for the quarter was down 20.7% compared to the same quarter last year. On average, research analysts predict that Cirrus Logic, Inc. will post 1.5 EPS for the current year.
Cirrus Logic declared that its board has approved a stock repurchase plan on Wednesday, January 30th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor company to buy up to 8.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
A number of equities research analysts recently weighed in on CRUS shares. Craig Hallum cut Cirrus Logic from a “buy” rating to a “hold” rating and dropped their price target for the company from $44.00 to $38.00 in a report on Thursday, January 31st. Zacks Investment Research upgraded Cirrus Logic from a “sell” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Friday, February 1st. TheStreet downgraded Cirrus Logic from a “b-” rating to a “c” rating in a research note on Friday, February 1st. BidaskClub upgraded Cirrus Logic from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, March 5th. Finally, ValuEngine upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $45.00.
In related news, SVP Scott Arnold Anderson sold 6,966 shares of the stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $39.46, for a total transaction of $274,878.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David J. Tupman sold 1,541 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $49.43, for a total value of $76,171.63. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,660 shares of company stock valued at $627,935. 2.32% of the stock is owned by corporate insiders.
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Cirrus Logic Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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