Meadow Creek Investment Management LLC lifted its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 18.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,500 shares of the semiconductor company’s stock after purchasing an additional 1,326 shares during the period. Meadow Creek Investment Management LLC’s holdings in Cirrus Logic were worth $441,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the company. Two Sigma Advisers LP acquired a new stake in shares of Cirrus Logic during the fourth quarter worth $1,881,000. Stone Ridge Asset Management LLC acquired a new stake in shares of Cirrus Logic during the fourth quarter worth $960,000. Kendall Capital Management acquired a new stake in shares of Cirrus Logic during the fourth quarter worth $256,000. Deutsche Bank AG raised its position in shares of Cirrus Logic by 39.8% during the fourth quarter. Deutsche Bank AG now owns 588,469 shares of the semiconductor company’s stock worth $30,516,000 after purchasing an additional 167,607 shares during the period. Finally, Jefferies Group LLC acquired a new stake in shares of Cirrus Logic during the fourth quarter worth $420,000. 91.49% of the stock is currently owned by institutional investors.
Cirrus Logic, Inc. (NASDAQ CRUS) opened at $40.70 on Monday. The firm has a market capitalization of $2,579.01, a price-to-earnings ratio of 10.12, a P/E/G ratio of 1.19 and a beta of 0.11. Cirrus Logic, Inc. has a 52-week low of $39.51 and a 52-week high of $71.97.
Cirrus Logic declared that its Board of Directors has authorized a stock repurchase 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 repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
In other Cirrus Logic news, VP Randolph K. Carlson sold 7,265 shares of the company’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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 7,888 shares of company stock worth $335,162. Insiders own 1.92% of the company’s stock.
A number of equities research analysts have recently issued reports on CRUS shares. BidaskClub lowered Cirrus Logic from a “sell” rating to a “strong sell” rating in a research report on Tuesday, February 27th. Zacks Investment Research lowered Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Friday, January 12th. ValuEngine lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Vetr lowered Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 price target on the stock. in a research report on Monday, December 18th. Finally, Stifel Nicolaus dropped their price target on Cirrus Logic from $75.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th. Five research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $60.22.
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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