CoreCap Advisors LLC Buys 1,772 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

CoreCap Advisors LLC grew its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 30.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,658 shares of the semiconductor company’s stock after buying an additional 1,772 shares during the period. CoreCap Advisors LLC’s holdings in Cirrus Logic were worth $763,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of CRUS. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Cirrus Logic during the fourth quarter worth about $28,000. Headlands Technologies LLC bought a new stake in Cirrus Logic during the 4th quarter worth approximately $39,000. Sound Income Strategies LLC acquired a new position in shares of Cirrus Logic in the fourth quarter valued at approximately $46,000. R Squared Ltd bought a new stake in shares of Cirrus Logic during the fourth quarter worth $47,000. Finally, Quent Capital LLC raised its holdings in shares of Cirrus Logic by 167.2% during the fourth quarter. Quent Capital LLC now owns 473 shares of the semiconductor company’s stock worth $47,000 after acquiring an additional 296 shares during the period. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Stock Up 3.1 %

NASDAQ:CRUS opened at $100.55 on Friday. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46. The firm has a market capitalization of $5.34 billion, a price-to-earnings ratio of 18.25 and a beta of 0.92. The stock’s 50 day moving average price is $94.79 and its two-hundred day moving average price is $101.39.

Cirrus Logic (NASDAQ:CRUS) last posted 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. The firm had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The company’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.24 earnings per share. As a group, analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic announced that its board has initiated a share buyback plan on Tuesday, May 6th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CRUS has been the subject of a number of research reports. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a report on Wednesday. Barclays lifted their target price on Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Benchmark reaffirmed a “buy” rating and set a $125.00 price target on shares of Cirrus Logic in a research note on Wednesday, March 19th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Cirrus Logic presently has an average rating of “Moderate Buy” and a consensus price target of $128.33.

Cirrus Logic Profile

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.