Balyasny Asset Management L.P. Has $249,000 Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Balyasny Asset Management L.P. cut its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 21.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,502 shares of the semiconductor company’s stock after selling 677 shares during the period. Balyasny Asset Management L.P.’s holdings in Cirrus Logic were worth $249,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Cirrus Logic during the 4th quarter worth $28,000. Headlands Technologies LLC acquired a new position in shares of Cirrus Logic during the 4th quarter worth $39,000. Sound Income Strategies LLC acquired a new position in shares of Cirrus Logic during the 4th quarter worth $46,000. R Squared Ltd acquired a new position in shares of Cirrus Logic during the 4th quarter worth $47,000. Finally, Quent Capital LLC raised its holdings in shares of Cirrus Logic by 167.2% during the 4th quarter. Quent Capital LLC now owns 473 shares of the semiconductor company’s stock worth $47,000 after buying an additional 296 shares in the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRUS has been the subject of a number of research analyst reports. Barclays boosted their price target on Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 7th. Benchmark reissued a “buy” rating and set a $125.00 price target on shares of Cirrus Logic in a report on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 price target on 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $128.33.

Cirrus Logic Stock Down 0.6%

Shares of CRUS opened at $106.23 on Friday. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46. The business has a 50-day simple moving average of $94.98 and a two-hundred day simple moving average of $100.80. The stock has a market cap of $5.65 billion, a PE ratio of 19.28 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS) last issued its 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 business had revenue of $424.46 million during the quarter, compared to analysts’ expectations of $380.26 million. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The business’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.24 EPS. On average, equities research analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

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