Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Bought by Ensign Peak Advisors Inc

Ensign Peak Advisors Inc raised its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,024 shares of the semiconductor company’s stock after acquiring an additional 760 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Cirrus Logic were worth $2,990,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Cirrus Logic in the fourth quarter worth $28,000. Headlands Technologies LLC acquired a new position in shares of Cirrus Logic in the fourth quarter worth $39,000. Sound Income Strategies LLC acquired a new position in shares of Cirrus Logic in the fourth quarter worth $46,000. R Squared Ltd acquired a new position in shares of Cirrus Logic in the fourth quarter worth $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 worth $47,000 after acquiring an additional 296 shares during the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Cirrus Logic Trading Down 0.5%

NASDAQ CRUS opened at $106.89 on Friday. The business’s 50-day moving average price is $94.90 and its 200 day moving average price is $100.99. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46. The company has a market capitalization of $5.68 billion, a PE ratio of 19.40 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS) last announced 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. 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 revenue was up 14.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.24 earnings per share. Equities analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

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

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.