Swiss National Bank lifted its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 1.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 108,700 shares of the semiconductor company’s stock after purchasing an additional 1,700 shares during the period. Swiss National Bank’s holdings in Cirrus Logic were worth $5,637,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. LSV Asset Management increased its stake in shares of Cirrus Logic by 0.7% in the fourth quarter. LSV Asset Management now owns 3,198,586 shares of the semiconductor company’s stock worth $165,878,000 after purchasing an additional 21,327 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Cirrus Logic by 9.4% in the third quarter. Bank of New York Mellon Corp now owns 1,637,193 shares of the semiconductor company’s stock worth $87,293,000 after purchasing an additional 140,460 shares during the period. Prudential Financial Inc. increased its stake in shares of Cirrus Logic by 69.6% in the third quarter. Prudential Financial Inc. now owns 967,033 shares of the semiconductor company’s stock worth $51,562,000 after purchasing an additional 396,890 shares during the period. Old Mutual Global Investors UK Ltd. increased its stake in shares of Cirrus Logic by 187.2% in the third quarter. Old Mutual Global Investors UK Ltd. now owns 870,484 shares of the semiconductor company’s stock worth $46,414,000 after purchasing an additional 567,354 shares during the period. Finally, Macquarie Group Ltd. increased its stake in shares of Cirrus Logic by 7.2% in the third quarter. Macquarie Group Ltd. now owns 789,275 shares of the semiconductor company’s stock worth $42,084,000 after purchasing an additional 52,734 shares during the period. Institutional investors and hedge funds own 91.67% of the company’s stock.
Cirrus Logic, Inc. (NASDAQ:CRUS) opened at $44.25 on Tuesday. Cirrus Logic, Inc. has a 12 month low of $39.51 and a 12 month high of $71.97. The stock has a market capitalization of $2,820.00, a PE ratio of 12.09, a P/E/G ratio of 1.26 and a beta of -0.02.
Cirrus Logic announced that its board has authorized a share repurchase plan on Monday, February 5th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
A number of equities analysts have recently commented on CRUS shares. BidaskClub lowered Cirrus Logic from a “sell” rating to a “strong sell” rating in a research note on Tuesday. Northland Securities reiterated a “buy” rating on shares of Cirrus Logic in a research note on Friday, November 3rd. Needham & Company LLC lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Tuesday, February 6th. Stifel Nicolaus lowered their price target on Cirrus Logic from $75.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, February 6th. Finally, Zacks Investment Research lowered Cirrus Logic from a “hold” rating to a “sell” rating in a research note on Friday, January 12th. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. Cirrus Logic currently has an average rating of “Hold” and a consensus target price of $60.92.
In other Cirrus Logic news, Director Christine King sold 562 shares of Cirrus Logic stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $49.75, for a total transaction of $27,959.50. Following the sale, the director now directly owns 11,744 shares of the company’s stock, valued at $584,264. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Randolph K. Carlson sold 7,265 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $42.03, for a total value of $305,347.95. The disclosure for this sale can be found here. Insiders have sold 8,405 shares of company stock worth $363,200 over the last ninety days. Company insiders own 1.92% of the company’s stock.
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Cirrus Logic Company 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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