Sherbrooke Park Advisers LLC Purchases 2,866 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Sherbrooke Park Advisers LLC lifted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 20.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,844 shares of the semiconductor company’s stock after acquiring an additional 2,866 shares during the quarter. Cirrus Logic accounts for about 0.5% of Sherbrooke Park Advisers LLC’s investment portfolio, making the stock its 7th biggest position. Sherbrooke Park Advisers LLC’s holdings in Cirrus Logic were worth $1,677,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Quantinno Capital Management LP raised its stake in shares of Cirrus Logic by 14.4% in the 4th quarter. Quantinno Capital Management LP now owns 108,046 shares of the semiconductor company’s stock valued at $10,759,000 after purchasing an additional 13,584 shares in the last quarter. Man Group plc lifted its holdings in Cirrus Logic by 4.7% during the 4th quarter. Man Group plc now owns 110,007 shares of the semiconductor company’s stock worth $10,954,000 after buying an additional 4,976 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its holdings in shares of Cirrus Logic by 2.9% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 11,386 shares of the semiconductor company’s stock valued at $1,160,000 after acquiring an additional 319 shares during the last quarter. Nomura Holdings Inc. bought a new position in Cirrus Logic during the fourth quarter worth $702,000. Finally, Millennium Management LLC increased its stake in Cirrus Logic by 100.6% during the fourth quarter. Millennium Management LLC now owns 278,916 shares of the semiconductor company’s stock valued at $27,774,000 after purchasing an additional 139,876 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Stock Down 0.5%

Cirrus Logic stock opened at $106.89 on Friday. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of 19.40 and a beta of 0.92. The firm has a 50-day moving average price of $94.90 and a two-hundred day moving average price of $100.99.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data 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 net margin of 16.55% and a return on equity of 16.60%. The business had revenue of $424.46 million for the quarter, compared to analysts’ expectations of $380.26 million. During the same period in the previous year, the business earned $1.24 earnings per share. The company’s revenue was up 14.2% on a year-over-year basis. Research analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic declared that its Board of Directors has initiated a stock buyback 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 buy up to 9.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research report on Wednesday, May 7th. Barclays lifted their target price on Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. Finally, Benchmark reiterated a “buy” rating and set 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. Based on data from MarketBeat.com, Cirrus Logic has an average rating of “Moderate Buy” and a consensus price target of $128.33.

Cirrus Logic Company 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.