Koshinski Asset Management Inc. acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 28,345 shares of the semiconductor company’s stock, valued at approximately $2,523,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. JJJ Advisors Inc. grew its stake in Cirrus Logic by 364.1% during the 4th quarter. JJJ Advisors Inc. now owns 362 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 284 shares in the last quarter. Freedman Financial Associates Inc. acquired a new position in Cirrus Logic during the 4th quarter worth $33,000. Harvest Fund Management Co. Ltd acquired a new position in Cirrus Logic during the 4th quarter worth $38,000. Point72 Hong Kong Ltd acquired a new position in Cirrus Logic during the 3rd quarter worth $103,000. Finally, Captrust Financial Advisors grew its stake in Cirrus Logic by 31.1% during the 4th quarter. Captrust Financial Advisors now owns 1,447 shares of the semiconductor company’s stock worth $119,000 after purchasing an additional 343 shares in the last quarter. 84.24% of the stock is owned by institutional investors and hedge funds.
Cirrus Logic stock opened at $85.95 on Thursday. Cirrus Logic, Inc. has a fifty-two week low of $55.30 and a fifty-two week high of $103.25. The company has a market capitalization of $4.99 billion, a P/E ratio of 33.19, a PEG ratio of 3.77 and a beta of 0.88. The stock has a 50-day simple moving average of $81.79 and a 200-day simple moving average of $80.00.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Sunday, January 31st. The semiconductor company reported $2.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.86 by $0.27. The firm had revenue of $485.80 million during the quarter, compared to the consensus estimate of $462.75 million. Cirrus Logic had a return on equity of 14.92% and a net margin of 12.57%. During the same period in the prior year, the business earned $1.41 EPS. Sell-side analysts forecast that Cirrus Logic, Inc. will post 3.53 earnings per share for the current year.
Cirrus Logic declared that its board has initiated a stock buyback program on Monday, February 1st that allows the company to buyback $350.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 6.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
In other Cirrus Logic news, Director Timothy R. Dehne sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, April 1st. The stock was sold at an average price of $86.77, for a total transaction of $86,770.00. Following the completion of the sale, the director now directly owns 16,014 shares of the company’s stock, valued at approximately $1,389,534.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John C. Carter sold 625 shares of the company’s stock in a transaction that occurred on Wednesday, February 3rd. The shares were sold at an average price of $89.97, for a total value of $56,231.25. Following the sale, the director now directly owns 14,406 shares of the company’s stock, valued at $1,296,107.82. The disclosure for this sale can be found here. 1.83% of the stock is owned by corporate insiders.
Several research analysts recently commented on the company. Benchmark boosted their target price on Cirrus Logic from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, February 2nd. Colliers Securities reaffirmed a “buy” rating on shares of Cirrus Logic in a report on Thursday, January 28th. KeyCorp lifted their price target on Cirrus Logic from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, February 2nd. Susquehanna reaffirmed a “buy” rating and set a $115.00 price target on shares of Cirrus Logic in a report on Tuesday, February 2nd. Finally, Craig Hallum downgraded Cirrus Logic from a “buy” rating to a “hold” rating and set a $80.00 price target for the company. in a report on Tuesday, February 2nd. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $99.22.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) in the United States and internationally. It offers portable products, including codecs-chips that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; haptic drivers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that offer enhanced voice quality, voice capture, and audio playback features.
Read More: Hang Seng Index (HSI)
Want to see what other hedge funds are holding CRUS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cirrus Logic, Inc. (NASDAQ:CRUS).
Receive News & Ratings for Cirrus Logic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic and related companies with MarketBeat.com's FREE daily email newsletter.