New Amsterdam Partners LLC NY lessened its position in Cirrus Logic (NASDAQ:CRUS) by 49.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 85,470 shares of the semiconductor company’s stock after selling 85,077 shares during the quarter. New Amsterdam Partners LLC NY owned 0.13% of Cirrus Logic worth $3,473,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Meadow Creek Investment Management LLC increased its stake in Cirrus Logic by 18.5% in the fourth quarter. Meadow Creek Investment Management LLC now owns 8,500 shares of the semiconductor company’s stock valued at $441,000 after acquiring an additional 1,326 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Cirrus Logic by 43.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,401 shares of the semiconductor company’s stock valued at $228,000 after acquiring an additional 1,333 shares during the last quarter. Allen Capital Group LLC increased its stake in Cirrus Logic by 19.6% in the first quarter. Allen Capital Group LLC now owns 8,648 shares of the semiconductor company’s stock valued at $351,000 after acquiring an additional 1,417 shares during the last quarter. OppenheimerFunds Inc. grew its stake in shares of Cirrus Logic by 17.2% during the fourth quarter. OppenheimerFunds Inc. now owns 10,110 shares of the semiconductor company’s stock valued at $524,000 after buying an additional 1,486 shares during the last quarter. Finally, Eqis Capital Management Inc. grew its stake in shares of Cirrus Logic by 17.8% during the fourth quarter. Eqis Capital Management Inc. now owns 10,480 shares of the semiconductor company’s stock valued at $544,000 after buying an additional 1,587 shares during the last quarter. 91.11% of the stock is currently owned by institutional investors and hedge funds.
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Cirrus Logic opened at $38.92 on Friday, according to Marketbeat. The stock has a market capitalization of $2.47 billion, a P/E ratio of 10.55, a price-to-earnings-growth ratio of 1.37 and a beta of 0.26. Cirrus Logic has a 1 year low of $38.86 and a 1 year high of $39.73.
Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, May 2nd. The semiconductor company reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.07). The business had revenue of $303.20 million during the quarter, compared to the consensus estimate of $316.57 million. Cirrus Logic had a return on equity of 20.50% and a net margin of 10.57%. The firm’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.85 earnings per share. analysts predict that Cirrus Logic will post 2.58 EPS for the current fiscal year.
Cirrus Logic announced that its board has initiated a stock buyback program on Monday, February 5th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
A number of research analysts have recently issued reports on the company. Barclays reduced their price objective on Cirrus Logic from $36.00 to $32.00 and set an “underweight” rating on the stock in a research note on Thursday, May 3rd. BidaskClub raised Cirrus Logic from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 2nd. Craig Hallum raised Cirrus Logic from a “hold” rating to a “buy” rating and reduced their price objective for the company from $44.00 to $43.00 in a research note on Monday, April 30th. Zacks Investment Research cut Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 25th. Finally, TheStreet cut Cirrus Logic from a “b-” rating to a “c+” rating in a research note on Tuesday, April 17th. Five equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. Cirrus Logic currently has an average rating of “Hold” and an average target price of $58.32.
In related news, VP Randolph K. Carlson sold 7,265 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $42.03, for a total value of $305,347.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold 8,008 shares of company stock worth $335,413 over the last three months. 1.92% of the stock is owned by insiders.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.