Balyasny Asset Management L.P. Has $249,000 Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Balyasny Asset Management L.P. decreased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 21.3% during the 4th quarter, Holdings Channel reports. The firm owned 2,502 shares of the semiconductor company’s stock after selling 677 shares during the quarter. Balyasny Asset Management L.P.’s holdings in Cirrus Logic were worth $249,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CRUS. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Cirrus Logic during the 4th quarter valued at about $28,000. Headlands Technologies LLC bought a new stake in shares of Cirrus Logic during the 4th quarter valued at about $39,000. Sound Income Strategies LLC bought a new stake in shares of Cirrus Logic during the 4th quarter valued at about $46,000. R Squared Ltd bought a new stake in shares of Cirrus Logic during the 4th quarter valued at about $47,000. Finally, Quent Capital LLC boosted its position in shares of Cirrus Logic by 167.2% during the 4th quarter. Quent Capital LLC now owns 473 shares of the semiconductor company’s stock valued at $47,000 after purchasing an additional 296 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CRUS. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research report on Wednesday, May 7th. Barclays increased their price target on Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 7th. Finally, Benchmark reiterated a “buy” rating and issued a $125.00 price target on shares of Cirrus Logic in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $128.33.

Cirrus Logic Stock Down 0.6%

Shares of Cirrus Logic stock opened at $106.23 on Friday. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46. The business has a 50 day moving average price of $94.98 and a 200-day moving average price of $100.80. The company has a market cap of $5.65 billion, a PE ratio of 19.28 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The business had revenue of $424.46 million during the quarter, compared to the consensus estimate of $380.26 million. During the same quarter in the prior year, the company posted $1.24 earnings per share. Cirrus Logic’s revenue was up 14.2% compared to the same quarter last year. As a group, research analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic declared that its board has authorized a share repurchase plan on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; 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 integrated digital signal processing; standalone 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, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.