Axa S.A. Cuts Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Axa S.A. cut its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 66.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 52,290 shares of the semiconductor company’s stock after selling 105,853 shares during the period. Axa S.A.’s holdings in Cirrus Logic were worth $5,207,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its holdings in Cirrus Logic by 118.7% in the third quarter. Tidal Investments LLC now owns 14,767 shares of the semiconductor company’s stock valued at $1,834,000 after purchasing an additional 8,016 shares during the period. Franklin Resources Inc. boosted its stake in shares of Cirrus Logic by 60.1% in the 3rd quarter. Franklin Resources Inc. now owns 167,258 shares of the semiconductor company’s stock valued at $20,625,000 after buying an additional 62,757 shares during the period. JPMorgan Chase & Co. grew its position in shares of Cirrus Logic by 30.4% during the third quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company’s stock worth $36,811,000 after buying an additional 69,006 shares in the last quarter. Burney Co. increased its stake in shares of Cirrus Logic by 1,205.3% during the fourth quarter. Burney Co. now owns 154,247 shares of the semiconductor company’s stock worth $15,360,000 after buying an additional 142,430 shares during the period. Finally, Ritholtz Wealth Management raised its holdings in 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 acquiring an additional 153 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on CRUS. Stifel Nicolaus lowered their price target on shares of Cirrus Logic from $140.00 to $112.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Barclays lowered their target price on shares of Cirrus Logic from $115.00 to $80.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. Finally, Benchmark restated a “buy” rating and issued a $125.00 price target on shares of Cirrus Logic in a research note on Wednesday, March 19th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $123.86.

Cirrus Logic Trading Down 0.0 %

Shares of Cirrus Logic stock opened at $98.46 on Wednesday. The company has a fifty day simple moving average of $95.07 and a 200-day simple moving average of $101.78. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of 17.87 and a beta of 0.92. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.21). Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. On average, analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic declared that its Board of Directors has initiated a share repurchase program on Tuesday, May 6th that allows the company to buyback $500.00 million in outstanding 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 stock is undervalued.

Cirrus Logic Profile

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.