FORA Capital LLC Boosts Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

FORA Capital LLC increased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 45.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,191 shares of the semiconductor company’s stock after buying an additional 5,372 shares during the period. FORA Capital LLC’s holdings in Cirrus Logic were worth $1,712,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. LSV Asset Management increased its position in shares of Cirrus Logic by 7.3% during the fourth quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company’s stock worth $224,728,000 after acquiring an additional 154,048 shares during the period. Castlekeep Investment Advisors LLC acquired a new position in Cirrus Logic during the 4th quarter worth $170,796,000. Wellington Management Group LLP increased its holdings in Cirrus Logic by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company’s stock worth $163,639,000 after purchasing an additional 65,441 shares during the period. Earnest Partners LLC raised its position in Cirrus Logic by 3.5% in 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 in the last quarter. Finally, Pacer Advisors Inc. boosted its stake in shares of Cirrus Logic by 44.0% in the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock valued at $126,247,000 after buying an additional 387,346 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Cirrus Logic Stock Up 0.9 %

Shares of Cirrus Logic stock opened at $97.50 on Friday. The firm has a market capitalization of $5.18 billion, a P/E ratio of 17.70 and a beta of 0.92. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46. The firm’s 50 day moving average is $94.84 and its two-hundred day moving average is $101.55.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.52. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The firm had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. During the same period last year, the firm posted $1.24 EPS. The company’s revenue was up 14.2% on a year-over-year basis. As a group, research analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic declared that its board has approved a stock repurchase program on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 9.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRUS. Barclays upped their target price 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. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a research report on Wednesday. Finally, Benchmark reaffirmed a “buy” rating and set a $125.00 price objective 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate 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.