Profund Advisors LLC lifted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 15.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,406 shares of the semiconductor company’s stock after purchasing an additional 3,060 shares during the quarter. Profund Advisors LLC’s holdings in Cirrus Logic were worth $1,214,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. MANA Advisors LLC acquired a new position in shares of Cirrus Logic during the 4th quarter worth $941,000. Renaissance Technologies LLC acquired a new position in shares of Cirrus Logic during the 4th quarter worth $11,923,000. Koch Industries Inc. increased its stake in shares of Cirrus Logic by 59.1% during the 4th quarter. Koch Industries Inc. now owns 21,204 shares of the semiconductor company’s stock worth $1,100,000 after purchasing an additional 7,878 shares during the last quarter. Amundi Pioneer Asset Management Inc. acquired a new position in Cirrus Logic in the 4th quarter valued at $100,000. Finally, Alliancebernstein L.P. grew its stake in Cirrus Logic by 37.9% in the 4th quarter. Alliancebernstein L.P. now owns 161,576 shares of the semiconductor company’s stock valued at $8,379,000 after buying an additional 44,400 shares during the last quarter. Institutional investors own 91.49% of the company’s stock.
Shares of Cirrus Logic, Inc. (NASDAQ CRUS) opened at $44.52 on Wednesday. Cirrus Logic, Inc. has a 1-year low of $39.51 and a 1-year high of $71.97. The firm has a market cap of $2,860.36, a price-to-earnings ratio of 11.23, a price-to-earnings-growth ratio of 1.31 and a beta of 0.11.
Cirrus Logic announced that its Board of Directors has authorized a share repurchase plan on Monday, February 5th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other Cirrus Logic news, Director Christine King sold 562 shares of the stock in a transaction on Friday, December 15th. The shares were sold at an average price of $49.75, for a total value of $27,959.50. Following the completion of the sale, the director now directly owns 11,744 shares of the company’s stock, valued at approximately $584,264. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Randolph K. Carlson sold 7,265 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $42.03, for a total transaction of $305,347.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,450 shares of company stock valued at $363,121. Insiders own 1.92% of the company’s stock.
CRUS has been the topic of a number of research analyst reports. BidaskClub lowered shares of Cirrus Logic from a “sell” rating to a “strong sell” rating in a research note on Tuesday, February 27th. Needham & Company LLC lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Tuesday, February 6th. Stifel Nicolaus lowered their target price on shares of Cirrus Logic from $75.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, February 6th. Zacks Investment Research lowered shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research note on Friday, January 12th. Finally, ValuEngine lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Five research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. Cirrus Logic has a consensus rating of “Hold” and a consensus price target of $60.22.
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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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