CoreCap Advisors LLC Buys 1,772 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

CoreCap Advisors LLC increased its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 30.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 7,658 shares of the semiconductor company’s stock after acquiring an additional 1,772 shares during the quarter. CoreCap Advisors LLC’s holdings in Cirrus Logic were worth $763,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of CRUS. Castlekeep Investment Advisors LLC acquired a new stake in shares of Cirrus Logic during the fourth quarter worth $170,796,000. Allianz Asset Management GmbH boosted its holdings in Cirrus Logic by 137.2% in the 4th quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company’s stock valued at $104,049,000 after purchasing an additional 604,431 shares during the period. Norges Bank acquired a new position in shares of Cirrus Logic during the 4th quarter worth approximately $58,723,000. Pacer Advisors Inc. increased its holdings in shares of Cirrus Logic by 44.0% during the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock worth $126,247,000 after purchasing an additional 387,346 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in shares of Cirrus Logic by 228.8% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company’s stock valued at $43,068,000 after buying an additional 300,942 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Barclays increased their price target on Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a research report on Wednesday. Finally, Benchmark reaffirmed a “buy” rating and set a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $128.33.

Cirrus Logic Stock Up 3.1 %

Shares of CRUS stock opened at $100.55 on Friday. The business has a fifty day simple moving average of $94.79 and a 200 day simple moving average of $101.39. The company has a market cap of $5.34 billion, a P/E ratio of 18.25 and a beta of 0.92. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month 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 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 the consensus estimate 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% compared to the same quarter last year. During the same period last year, the company posted $1.24 EPS. As a group, equities 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 of Directors has initiated a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 9.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Cirrus Logic 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.