Arizona State Retirement System trimmed its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 1.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 42,467 shares of the semiconductor company’s stock after selling 485 shares during the quarter. Arizona State Retirement System’s holdings in Cirrus Logic were worth $1,787,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. lifted its position in shares of Cirrus Logic by 1.8% during the fourth quarter. BlackRock Inc. now owns 7,663,899 shares of the semiconductor company’s stock valued at $254,287,000 after purchasing an additional 134,574 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Cirrus Logic by 0.4% during the third quarter. Vanguard Group Inc. now owns 5,619,593 shares of the semiconductor company’s stock valued at $216,916,000 after purchasing an additional 24,334 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Cirrus Logic by 98.1% during the third quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock valued at $51,271,000 after purchasing an additional 657,662 shares in the last quarter. Norges Bank bought a new position in shares of Cirrus Logic during the fourth quarter valued at about $33,900,000. Finally, Geode Capital Management LLC lifted its position in shares of Cirrus Logic by 4.2% during the fourth quarter. Geode Capital Management LLC now owns 814,830 shares of the semiconductor company’s stock valued at $27,036,000 after purchasing an additional 32,736 shares in the last quarter. 89.01% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on CRUS shares. BidaskClub lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. ValuEngine raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Friday, March 15th. MKM Partners raised their price target on shares of Cirrus Logic to $55.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Zacks Investment Research raised shares of Cirrus Logic from a “sell” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Friday, February 1st. Finally, TheStreet lowered shares of Cirrus Logic from a “b-” rating to a “c” rating in a research report on Friday, February 1st. Two research analysts have rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Cirrus Logic currently has a consensus rating of “Hold” and an average price target of $45.00.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.12 by $0.04. The business had revenue of $240.44 million for the quarter, compared to analyst estimates of $219.67 million. Cirrus Logic had a net margin of 7.59% and a return on equity of 10.65%. The company’s revenue for the quarter was down 20.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.51 earnings per share. On average, equities analysts forecast that Cirrus Logic, Inc. will post 1.5 EPS for the current year.
Cirrus Logic declared that its board has authorized a stock repurchase program on Wednesday, January 30th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the semiconductor company to buy up to 8.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
In other news, Director David J. Tupman sold 1,541 shares of Cirrus Logic stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $49.43, for a total value of $76,171.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Scott Arnold Anderson sold 6,966 shares of Cirrus Logic stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $39.46, for a total transaction of $274,878.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,660 shares of company stock worth $627,935. Insiders own 2.32% of the company’s stock.
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Cirrus Logic Company Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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