Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Acquired by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. lifted its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 422,436 shares of the semiconductor company’s stock after purchasing an additional 10,349 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Cirrus Logic were worth $42,066,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. LSV Asset Management boosted its position in shares of Cirrus Logic by 7.3% in the 4th quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company’s stock worth $224,728,000 after buying an additional 154,048 shares in the last quarter. Castlekeep Investment Advisors LLC purchased a new stake in shares of Cirrus Logic in the 4th quarter worth about $170,796,000. Wellington Management Group LLP boosted its position in shares of Cirrus Logic by 4.1% in the 4th quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company’s stock worth $163,639,000 after buying an additional 65,441 shares in the last quarter. Earnest Partners LLC boosted its position in shares of Cirrus Logic by 3.5% in the 4th quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company’s stock worth $135,841,000 after buying an additional 46,121 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Cirrus Logic by 44.0% in the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock worth $126,247,000 after buying an additional 387,346 shares in the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on CRUS shares. Benchmark reiterated a “buy” rating and issued a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. Barclays boosted their price objective on shares of 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, Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a report on Wednesday. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $128.33.

Cirrus Logic Trading Up 3.1%

NASDAQ:CRUS opened at $100.55 on Monday. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of 18.25 and a beta of 0.92. The company’s 50-day moving average is $94.79 and its two-hundred day moving average is $101.13. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.52. The company had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The firm’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.24 EPS. On average, equities research analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic declared that its Board of Directors has authorized a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock buyback programs are generally an indication 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.