iSAM Funds UK Ltd Takes $234,000 Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

iSAM Funds UK Ltd purchased a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,349 shares of the semiconductor company’s stock, valued at approximately $234,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. KBC Group NV raised its holdings in Cirrus Logic by 52.5% in the 4th 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. raised its holdings in Cirrus Logic by 34.1% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 132,578 shares of the semiconductor company’s stock worth $13,202,000 after acquiring an additional 33,682 shares during the period. Pacer Advisors Inc. raised its holdings in Cirrus Logic by 44.0% in the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock worth $126,247,000 after acquiring an additional 387,346 shares during the period. Janney Montgomery Scott LLC raised its holdings in Cirrus Logic by 8.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 2,992 shares of the semiconductor company’s stock worth $298,000 after acquiring an additional 221 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its holdings 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 worth $2,078,000 after acquiring an additional 2,399 shares during the period. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Trading Down 1.5%

Shares of CRUS stock opened at $104.31 on Thursday. The stock has a 50 day moving average of $95.38 and a two-hundred day moving average of $100.76. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46. The company has a market capitalization of $5.54 billion, a P/E ratio of 18.93 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share 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 analyst estimates of $380.26 million. During the same period in the previous year, the business earned $1.24 EPS. The firm’s revenue was up 14.2% on a year-over-year basis. Sell-side analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 6th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a report on Wednesday, May 7th. Barclays lifted their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 7th. StockNews.com upgraded shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Benchmark restated a “buy” rating and set 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 assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target 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.