Graham Capital Management L.P. Cuts Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Graham Capital Management L.P. cut its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 18.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 3,382 shares of the semiconductor company’s stock after selling 757 shares during the period. Graham Capital Management L.P.’s holdings in Cirrus Logic were worth $337,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. LSV Asset Management increased its stake in Cirrus Logic by 7.3% during the 4th quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company’s stock worth $224,728,000 after buying an additional 154,048 shares during the period. Castlekeep Investment Advisors LLC acquired a new stake in Cirrus Logic during the 4th quarter valued at approximately $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 last quarter. Earnest Partners LLC boosted its stake in shares of Cirrus Logic by 3.5% during the 4th quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company’s stock valued at $135,841,000 after buying an additional 46,121 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in shares of Cirrus Logic by 44.0% during the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock worth $126,247,000 after buying an additional 387,346 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Trading Down 0.6%

CRUS opened at $106.23 on Friday. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46. The stock has a market cap of $5.65 billion, a PE ratio of 19.28 and a beta of 0.92. The business’s 50 day moving average is $94.98 and its 200-day moving average is $100.80.

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

Cirrus Logic announced that its Board of Directors has authorized a share repurchase program on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

CRUS has been the subject of several research analyst reports. 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 research report on Wednesday, May 7th. Benchmark reiterated a “buy” rating and issued a $125.00 target price on shares of Cirrus Logic in a research report on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus 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.