Occudo Quantitative Strategies LP Sells 10,767 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Occudo Quantitative Strategies LP reduced its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 78.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,958 shares of the semiconductor company’s stock after selling 10,767 shares during the quarter. Occudo Quantitative Strategies LP’s holdings in Cirrus Logic were worth $295,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Cirrus Logic in the fourth quarter valued at about $28,000. Headlands Technologies LLC bought a new stake in shares of Cirrus Logic in the fourth quarter valued at about $39,000. Sound Income Strategies LLC bought a new stake in shares of Cirrus Logic in the fourth quarter valued at about $46,000. R Squared Ltd bought a new stake in shares of Cirrus Logic in the fourth quarter valued at about $47,000. Finally, Quent Capital LLC raised its holdings in shares of Cirrus Logic by 167.2% in the fourth quarter. Quent Capital LLC now owns 473 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 296 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on CRUS. Barclays boosted their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 7th. Benchmark reiterated a “buy” rating and issued a $125.00 target price on shares of Cirrus Logic in a report on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $128.33.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock opened at $106.23 on Friday. The company has a market capitalization of $5.65 billion, a PE ratio of 19.28 and a beta of 0.92. The company has a 50-day simple moving average of $94.98 and a two-hundred day simple moving average of $100.89. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.52. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The business had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. During the same quarter in the previous year, the firm earned $1.24 earnings per share. The company’s revenue was up 14.2% on a year-over-year basis. On average, equities analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 9.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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.