Millennium Management LLC lowered its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 58.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,751 shares of the semiconductor company’s stock after selling 175,435 shares during the quarter. Millennium Management LLC owned approximately 0.19% of Cirrus Logic worth $6,366,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in CRUS. Amundi Pioneer Asset Management Inc. acquired a new position in Cirrus Logic during the 4th quarter valued at approximately $100,000. Delpha Capital Management LLC bought a new stake in Cirrus Logic during the 4th quarter valued at $161,000. Capital Fund Management S.A. bought a new stake in Cirrus Logic during the 4th quarter valued at $200,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Cirrus Logic by 43.4% during the 4th 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 in the last quarter. Finally, Kendall Capital Management bought a new stake in Cirrus Logic during the 4th quarter valued at $256,000. Institutional investors and hedge funds own 91.49% of the company’s stock.
Several analysts have weighed in on the company. Craig Hallum cut their target price on Cirrus Logic from $54.00 to $44.00 and set a “hold” rating on the stock in a research note on Tuesday, February 6th. Zacks Investment Research downgraded Cirrus Logic from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Northland Securities reaffirmed a “buy” rating and set a $60.00 target price on shares of Cirrus Logic in a research note on Tuesday, February 6th. ValuEngine raised Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Friday, February 9th. Finally, MKM Partners cut their target price on Cirrus Logic to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, February 6th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $60.22.
CRUS opened at $39.28 on Friday. Cirrus Logic, Inc. has a one year low of $37.47 and a one year high of $71.97. The firm has a market capitalization of $2,523.25, a PE ratio of 9.58, a PEG ratio of 1.37 and a beta of 0.22.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Monday, February 5th. The semiconductor company reported $1.59 EPS for the quarter, missing the Zacks’ consensus estimate of $1.78 by ($0.19). Cirrus Logic had a return on equity of 22.60% and a net margin of 11.89%. The firm had revenue of $482.70 million during the quarter, compared to the consensus estimate of $530.99 million. During the same period in the prior year, the firm posted $1.87 EPS. The firm’s quarterly revenue was down 7.7% on a year-over-year basis. research analysts forecast that Cirrus Logic, Inc. will post 3.78 earnings per share for the current fiscal year.
Cirrus Logic announced that its board has approved a share buyback program on Monday, February 5th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, VP Randolph K. Carlson sold 7,265 shares of the business’s stock in a transaction on 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 filing with the SEC, which is accessible through this link. Insiders sold a total of 7,941 shares of company stock worth $335,140 in the last three months. Company insiders own 1.92% of the company’s stock.
Cirrus Logic Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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