Optas LLC Acquires Shares of 2,084 Cirrus Logic, Inc. (NASDAQ:CRUS)

Optas LLC purchased a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the 1st quarter, Holdings Channel.com reports. The firm purchased 2,084 shares of the semiconductor company’s stock, valued at approximately $208,000.

Other hedge funds have also recently modified their holdings of the company. Castlekeep Investment Advisors LLC purchased a new position in shares of Cirrus Logic during the 4th quarter worth approximately $170,796,000. Allianz Asset Management GmbH boosted its position in shares of Cirrus Logic by 137.2% during the 4th quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company’s stock worth $104,049,000 after purchasing an additional 604,431 shares in the last quarter. Norges Bank acquired a new position in shares of Cirrus Logic during the 4th quarter worth $58,723,000. Deutsche Bank AG lifted its stake in shares of Cirrus Logic by 139.4% in the fourth quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company’s stock valued at $58,427,000 after purchasing an additional 341,615 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Cirrus Logic by 228.8% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company’s stock valued at $43,068,000 after acquiring an additional 300,942 shares during the period. 87.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Barclays raised their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th. Benchmark reissued a “buy” rating and set a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research report on Wednesday, May 7th. Finally, Wall Street Zen downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 5th. One 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $128.33.

Cirrus Logic Trading Down 1.8%

Shares of Cirrus Logic stock opened at $100.88 on Monday. 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 $5.17 billion, a price-to-earnings ratio of 18.31 and a beta of 0.93. The company has a fifty day moving average price of $96.83 and a 200 day moving average price of $100.37.

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

Insider Activity

In other news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the executive vice president now directly owns 14,001 shares in the company, valued at approximately $1,400,100. This represents a 41.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total transaction of $105,620.00. Following the completion of the sale, the director now directly owns 20,907 shares in the company, valued at $2,208,197.34. This represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is currently owned by company insiders.

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.