Ameriprise Financial Inc. Has $56.20 Million Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Ameriprise Financial Inc. increased its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 20.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 564,357 shares of the semiconductor company’s stock after purchasing an additional 97,742 shares during the quarter. Ameriprise Financial Inc. owned approximately 1.06% of Cirrus Logic worth $56,199,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRUS. Caisse DE Depot ET Placement DU Quebec grew its stake in Cirrus Logic by 228.8% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company’s stock valued at $43,068,000 after buying an additional 300,942 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in shares of Cirrus Logic in the fourth quarter valued at about $9,391,000. Schonfeld Strategic Advisors LLC increased its stake in shares of Cirrus Logic by 46.7% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 8,225 shares of the semiconductor company’s stock worth $819,000 after purchasing an additional 2,620 shares during the period. Northern Trust Corp lifted its position in shares of Cirrus Logic by 23.6% during the 4th quarter. Northern Trust Corp now owns 471,122 shares of the semiconductor company’s stock worth $46,914,000 after purchasing an additional 90,017 shares during the last quarter. Finally, Earnest Partners LLC boosted its stake in Cirrus Logic by 3.5% during the 4th quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company’s stock valued at $135,841,000 after purchasing an additional 46,121 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Barclays upped their price target on Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a report on Wednesday. Finally, Benchmark restated a “buy” rating and issued a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.33.

Cirrus Logic Stock Up 3.1 %

NASDAQ:CRUS opened at $100.55 on Friday. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46. The firm has a market capitalization of $5.34 billion, a PE ratio of 18.25 and a beta of 0.92. The firm has a 50-day moving average price of $94.79 and a 200 day moving average price of $101.27.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results 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 return on equity of 16.60% and a net margin of 16.55%. The firm had revenue of $424.46 million for the quarter, compared to analysts’ expectations of $380.26 million. During the same period in the prior year, the business posted $1.24 earnings per share. The business’s revenue was up 14.2% compared to the same quarter last year. On average, research analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are 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.