Public Employees Retirement System of Ohio Lowers Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Public Employees Retirement System of Ohio decreased its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 6.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,473 shares of the semiconductor company’s stock after selling 1,378 shares during the period. Public Employees Retirement System of Ohio’s holdings in Cirrus Logic were worth $2,039,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cirrus Logic by 10.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 204,799 shares of the semiconductor company’s stock valued at $20,394,000 after acquiring an additional 18,754 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Cirrus Logic in the fourth quarter valued at about $1,383,000. Woodline Partners LP purchased a new stake in shares of Cirrus Logic in the fourth quarter valued at about $4,998,000. iSAM Funds UK Ltd purchased a new stake in shares of Cirrus Logic in the fourth quarter valued at about $234,000. Finally, Vident Advisory LLC boosted its holdings in shares of Cirrus Logic by 30.0% in the fourth quarter. Vident Advisory LLC now owns 31,770 shares of the semiconductor company’s stock valued at $3,164,000 after acquiring an additional 7,325 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CRUS. Wall Street Zen raised shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 28th. Benchmark reiterated a “buy” rating and issued a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a research note on Wednesday, May 7th. Finally, Barclays raised their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $128.33.

Insider Transactions at Cirrus Logic

In other news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total value of $105,620.00. Following the completion of the sale, the director now owns 20,907 shares of the company’s stock, valued at $2,208,197.34. This represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.02% of the company’s stock.

Cirrus Logic Stock Down 2.0%

Cirrus Logic stock opened at $97.80 on Monday. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The firm has a fifty day moving average of $95.28 and a 200-day moving average of $100.53. The firm has a market capitalization of $5.04 billion, a P/E ratio of 17.75 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the business earned $1.24 earnings per share. The business’s quarterly revenue was up 14.2% compared to the same quarter last year. On average, research analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its board has authorized a share buyback plan 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

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.