Lazard Asset Management LLC Cuts Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Lazard Asset Management LLC cut its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 22.0% in the fourth quarter, HoldingsChannel reports. The firm owned 111,473 shares of the semiconductor company’s stock after selling 31,526 shares during the quarter. Lazard Asset Management LLC’s holdings in Cirrus Logic were worth $11,100,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Arizona State Retirement System grew its holdings in shares of Cirrus Logic by 0.7% in the fourth quarter. Arizona State Retirement System now owns 15,492 shares of the semiconductor company’s stock valued at $1,543,000 after purchasing an additional 101 shares in the last quarter. Truvestments Capital LLC boosted its stake in Cirrus Logic by 3.5% during the fourth quarter. Truvestments Capital LLC now owns 3,981 shares of the semiconductor company’s stock worth $396,000 after buying an additional 133 shares during the period. Ritholtz Wealth Management boosted its stake in Cirrus Logic by 4.1% during the fourth quarter. Ritholtz Wealth Management now owns 3,925 shares of the semiconductor company’s stock worth $391,000 after buying an additional 153 shares during the period. Covestor Ltd boosted its stake in shares of Cirrus Logic by 21.5% during the fourth quarter. Covestor Ltd now owns 1,057 shares of the semiconductor company’s stock valued at $106,000 after purchasing an additional 187 shares during the period. Finally, Bartlett & CO. Wealth Management LLC boosted its stake in shares of Cirrus Logic by 40.0% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 700 shares of the semiconductor company’s stock valued at $70,000 after purchasing an additional 200 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRUS has been the subject of a number of recent analyst reports. Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a research note on Wednesday, May 7th. Benchmark restated a “buy” rating and issued a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday, March 19th. Finally, Barclays lifted their price objective on Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.33.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock opened at $107.44 on Thursday. The company has a market capitalization of $5.71 billion, a PE ratio of 19.50 and a beta of 0.92. The company has a 50-day simple moving average of $94.85 and a two-hundred day simple moving average of $101.10. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.52. The business had revenue of $424.46 million during the quarter, compared to the consensus estimate of $380.26 million. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The firm’s revenue was up 14.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.24 earnings per share. On average, equities analysts predict 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 approved a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is 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.