Pacer Advisors Inc. Lowers Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Pacer Advisors Inc. decreased its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 69.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 381,430 shares of the semiconductor company’s stock after selling 886,362 shares during the quarter. Pacer Advisors Inc. owned 0.72% of Cirrus Logic worth $38,011,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mariner LLC boosted its stake in shares of Cirrus Logic by 32.0% in the fourth quarter. Mariner LLC now owns 6,648 shares of the semiconductor company’s stock valued at $662,000 after purchasing an additional 1,610 shares during the period. New Age Alpha Advisors LLC purchased a new position in shares of Cirrus Logic in the fourth quarter valued at approximately $1,407,000. DnB Asset Management AS boosted its stake in shares of Cirrus Logic by 52.1% in the fourth quarter. DnB Asset Management AS now owns 274,672 shares of the semiconductor company’s stock valued at $27,352,000 after purchasing an additional 94,088 shares during the period. Man Group plc boosted its stake in shares of Cirrus Logic by 4.7% in the fourth quarter. Man Group plc now owns 110,007 shares of the semiconductor company’s stock valued at $10,954,000 after purchasing an additional 4,976 shares during the period. Finally, Norges Bank purchased a new position in shares of Cirrus Logic in the fourth quarter valued at approximately $58,723,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Barclays lifted their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Wall Street Zen cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $128.33.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the business’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the sale, the executive vice president directly owned 14,001 shares in the company, valued at approximately $1,400,100. The trade was a 41.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total transaction of $105,620.00. Following the sale, the director owned 20,907 shares in the company, valued at $2,208,197.34. The trade was a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,000 shares of company stock worth $1,305,620 in the last three months. Insiders own 1.16% of the company’s stock.

Cirrus Logic Price Performance

NASDAQ:CRUS opened at $101.17 on Friday. The firm’s fifty day moving average price is $103.75 and its 200 day moving average price is $100.81. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The firm has a market cap of $5.19 billion, a price-to-earnings ratio of 16.83 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.52. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The firm had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. During the same period last year, the firm posted $1.24 EPS. Cirrus Logic’s quarterly revenue was up 14.2% on a year-over-year basis. As a group, analysts expect 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 approved a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 9.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.