Meeder Asset Management Inc. cut its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 30.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,051 shares of the semiconductor company’s stock after selling 1,324 shares during the period. Meeder Asset Management Inc.’s holdings in Cirrus Logic were worth $158,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Aperio Group LLC raised its stake in shares of Cirrus Logic by 28.7% in the fourth quarter. Aperio Group LLC now owns 21,637 shares of the semiconductor company’s stock worth $1,122,000 after acquiring an additional 4,825 shares during the last quarter. Empirical Finance LLC raised its stake in shares of Cirrus Logic by 64.3% in the fourth quarter. Empirical Finance LLC now owns 34,858 shares of the semiconductor company’s stock worth $1,808,000 after acquiring an additional 13,641 shares during the last quarter. LSV Asset Management raised its stake in shares of Cirrus Logic by 0.7% in the fourth quarter. LSV Asset Management now owns 3,198,586 shares of the semiconductor company’s stock worth $165,878,000 after acquiring an additional 21,327 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cirrus Logic by 43.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,401 shares of the semiconductor company’s stock worth $228,000 after acquiring an additional 1,333 shares during the last quarter. Finally, Chicago Equity Partners LLC raised its stake in shares of Cirrus Logic by 60.9% in the fourth quarter. Chicago Equity Partners LLC now owns 186,100 shares of the semiconductor company’s stock worth $9,651,000 after acquiring an additional 70,405 shares during the last quarter. 89.81% of the stock is owned by institutional investors.
Several equities research analysts have recently commented on CRUS shares. Northland Securities reiterated a “buy” rating on shares of Cirrus Logic in a research report on Friday, November 3rd. BidaskClub cut shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Wednesday, December 6th. Zacks Investment Research cut shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Friday, January 12th. ValuEngine cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Finally, Vetr cut shares of Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 price target for the company. in a research report on Monday, December 18th. Five investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Cirrus Logic currently has a consensus rating of “Hold” and a consensus price target of $60.92.
Cirrus Logic, Inc. (NASDAQ CRUS) opened at $42.57 on Tuesday. The stock has a market cap of $2,685.47, a P/E ratio of 15.31, a P/E/G ratio of 1.23 and a beta of -0.02. Cirrus Logic, Inc. has a 1-year low of $39.51 and a 1-year high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Monday, February 5th. The semiconductor company reported $1.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.78 by ($0.19). The firm had revenue of $482.70 million for the quarter, compared to analyst estimates of $530.99 million. Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.87 EPS. equities research analysts forecast that Cirrus Logic, Inc. will post 3.78 earnings per share for the current fiscal year.
Cirrus Logic declared that its Board of Directors has initiated a share buyback plan on Monday, February 5th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, Director Christine King sold 562 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $49.75, for a total transaction of $27,959.50. Following the completion of the transaction, the director now owns 11,744 shares in the company, valued at $584,264. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 6,140 shares of company stock valued at $328,552. Corporate insiders own 1.92% of the company’s stock.
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Cirrus Logic Company Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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