Comerica Bank Sells 13,339 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Comerica Bank lowered its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 44.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,603 shares of the semiconductor company’s stock after selling 13,339 shares during the quarter. Comerica Bank’s holdings in Cirrus Logic were worth $1,653,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. LSV Asset Management lifted its holdings in Cirrus Logic by 7.3% in the 4th quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company’s stock worth $224,728,000 after purchasing an additional 154,048 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Cirrus Logic by 4.1% in the fourth quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company’s stock worth $163,639,000 after buying an additional 65,441 shares in the last quarter. Earnest Partners LLC boosted its position in shares of Cirrus Logic by 3.5% during the fourth quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company’s stock worth $135,841,000 after acquiring an additional 46,121 shares during the last quarter. Pacer Advisors Inc. grew its stake in Cirrus Logic by 44.0% during the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock valued at $126,247,000 after acquiring an additional 387,346 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Cirrus Logic by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,247,535 shares of the semiconductor company’s stock valued at $124,234,000 after acquiring an additional 3,347 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Trading Up 3.1 %

CRUS opened at $100.55 on Friday. The stock has a 50-day moving average of $94.79 and a 200 day moving average of $101.27. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46. The firm has a market cap of $5.34 billion, a P/E ratio of 18.25 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.52. The firm had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.24 EPS. On average, research analysts forecast 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 share repurchase program on Tuesday, May 6th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

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