State of Alaska Department of Revenue increased its stake in Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating) by 20.0% in the second quarter, Holdings Channel reports. The institutional investor owned 54,445 shares of the semiconductor company’s stock after acquiring an additional 9,072 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cirrus Logic were worth $3,949,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. increased its stake in Cirrus Logic by 8.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 3,582 shares of the semiconductor company’s stock valued at $330,000 after purchasing an additional 267 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Cirrus Logic by 18.6% during the fourth quarter. JPMorgan Chase & Co. now owns 207,200 shares of the semiconductor company’s stock valued at $19,066,000 after purchasing an additional 32,519 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Cirrus Logic by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 490,470 shares of the semiconductor company’s stock valued at $45,134,000 after purchasing an additional 10,412 shares during the last quarter. Summit Global Investments acquired a new position in shares of Cirrus Logic during the fourth quarter valued at $543,000. Finally, LMR Partners LLP boosted its holdings in shares of Cirrus Logic by 40.1% during the fourth quarter. LMR Partners LLP now owns 390,000 shares of the semiconductor company’s stock valued at $35,888,000 after acquiring an additional 111,572 shares during the period. Institutional investors own 88.12% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on CRUS shares. Cowen boosted their price target on shares of Cirrus Logic to $100.00 in a report on Tuesday, August 9th. Bank of America reduced their price target on shares of Cirrus Logic from $85.00 to $80.00 and set an “underperform” rating for the company in a report on Wednesday, June 29th. Needham & Company LLC boosted their price target on shares of Cirrus Logic from $85.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Cowen boosted their price target on shares of Cirrus Logic from $90.00 to $100.00 in a report on Wednesday, August 3rd. Finally, Susquehanna Bancshares reduced their price objective on shares of Cirrus Logic to $110.00 in a report on Monday, July 25th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $102.60.
Insiders Place Their Bets
Cirrus Logic Stock Performance
Cirrus Logic stock opened at $77.86 on Thursday. The firm has a market cap of $4.36 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 5.95 and a beta of 0.99. Cirrus Logic, Inc. has a 1 year low of $67.03 and a 1 year high of $95.84. The firm’s 50 day moving average price is $80.40 and its two-hundred day moving average price is $78.94.
Cirrus Logic announced that its board has authorized a share repurchase program on Tuesday, August 2nd that permits the company to buyback $500.00 million in shares. This buyback authorization permits the semiconductor company to reacquire up to 10.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Cirrus Logic Profile
Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processer; boosted amplifiers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, hearing augmentation, and active noise cancellation.
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