Nomura Holdings Inc. Makes New $702,000 Investment in Cirrus Logic, Inc. (NASDAQ:CRUS)

Nomura Holdings Inc. bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the 4th quarter, HoldingsChannel reports. The firm bought 7,051 shares of the semiconductor company’s stock, valued at approximately $702,000.

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

Cirrus Logic Stock Up 0.5%

Shares of Cirrus Logic stock opened at $105.93 on Wednesday. The firm has a market capitalization of $5.63 billion, a P/E ratio of 19.23 and a beta of 0.92. The company has a 50 day moving average price of $95.29 and a 200 day moving average price of $100.74. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last posted 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. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The company had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. During the same period last year, the firm posted $1.24 EPS. Cirrus Logic’s revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, research analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic declared that its board has initiated a share repurchase program on Tuesday, May 6th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have commented on CRUS. Barclays increased their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 7th. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a research report on Wednesday, May 7th. StockNews.com raised shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Benchmark reaffirmed a “buy” rating and issued a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cirrus Logic presently has an average rating of “Buy” and an average target price 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.