Lazard Asset Management LLC Sells 31,526 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Lazard Asset Management LLC lessened its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 22.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 111,473 shares of the semiconductor company’s stock after selling 31,526 shares during the period. Lazard Asset Management LLC owned about 0.21% of Cirrus Logic worth $11,100,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CRUS. Castlekeep Investment Advisors LLC bought a new position in shares of Cirrus Logic in the 4th quarter worth approximately $170,796,000. Allianz Asset Management GmbH raised its stake in Cirrus Logic by 137.2% during the 4th quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company’s stock worth $104,049,000 after acquiring an additional 604,431 shares during the period. Norges Bank bought a new stake in Cirrus Logic during the 4th quarter worth approximately $58,723,000. Pacer Advisors Inc. raised its stake in Cirrus Logic by 44.0% during the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock worth $126,247,000 after acquiring an additional 387,346 shares during the period. Finally, Deutsche Bank AG raised its stake in Cirrus Logic by 139.4% during the 4th quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company’s stock worth $58,427,000 after acquiring an additional 341,615 shares during the period. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Price Performance

Shares of CRUS opened at $107.44 on Thursday. Cirrus Logic, Inc. has a 1 year low of $75.83 and a 1 year high of $147.46. The company has a 50 day simple moving average of $94.85 and a two-hundred day simple moving average of $101.10. The firm has a market cap of $5.71 billion, a P/E ratio of 19.50 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data 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. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The business had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. During the same period last year, the firm posted $1.24 EPS. The company’s revenue was up 14.2% on a year-over-year basis. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

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

Cirrus Logic Company 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.