Nissay Asset Management Corp Japan ADV Has $1.16 Million Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Nissay Asset Management Corp Japan ADV boosted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 11,386 shares of the semiconductor company’s stock after buying an additional 319 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Cirrus Logic were worth $1,160,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kohmann Bosshard Financial Services LLC bought a new stake in Cirrus Logic in the 4th quarter valued at about $28,000. Headlands Technologies LLC bought a new stake in Cirrus Logic in the 4th quarter valued at about $39,000. Sound Income Strategies LLC bought a new stake in Cirrus Logic in the 4th quarter valued at about $46,000. R Squared Ltd bought a new stake in Cirrus Logic in the 4th quarter valued at about $47,000. Finally, Quent Capital LLC boosted its holdings in Cirrus Logic by 167.2% in the 4th quarter. Quent Capital LLC now owns 473 shares of the semiconductor company’s stock valued at $47,000 after purchasing an additional 296 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Trading Down 0.6%

Shares of Cirrus Logic stock opened at $106.23 on Monday. The company has a 50 day moving average of $94.98 and a 200-day moving average of $100.73. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The company has a market cap of $5.65 billion, a PE ratio of 19.28 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share 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 the consensus estimate of $380.26 million. During the same quarter in the prior year, the firm posted $1.24 EPS. The firm’s quarterly revenue was up 14.2% on a year-over-year basis. Research analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the semiconductor company to reacquire up to 9.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a report on Wednesday, May 7th. Barclays boosted their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th. Finally, Benchmark reissued a “buy” rating and issued a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $128.33.

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.