Cirrus Logic, Inc. (NASDAQ:CRUS) Stock Position Reduced by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System decreased its stake in Cirrus Logic, Inc. (NASDAQ:CRUSGet Rating) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 49,894 shares of the semiconductor company’s stock after selling 1,258 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.09% of Cirrus Logic worth $3,619,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Nisa Investment Advisors LLC raised its holdings in shares of Cirrus Logic by 500.0% during the first quarter. Nisa Investment Advisors LLC now owns 480 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 400 shares in the last quarter. Signaturefd LLC increased its position in Cirrus Logic by 17.2% in the 1st quarter. Signaturefd LLC now owns 941 shares of the semiconductor company’s stock worth $80,000 after purchasing an additional 138 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Cirrus Logic by 2.2% in the 1st quarter. Mutual of America Capital Management LLC now owns 52,237 shares of the semiconductor company’s stock worth $4,429,000 after purchasing an additional 1,126 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Cirrus Logic by 9.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 48,372 shares of the semiconductor company’s stock worth $4,101,000 after purchasing an additional 4,285 shares during the last quarter. Finally, Commonwealth Equity Services LLC acquired a new position in Cirrus Logic in the 1st quarter worth about $208,000. Institutional investors and hedge funds own 88.12% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CRUS shares. Barclays dropped their target price on Cirrus Logic from $105.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, October 24th. StockNews.com started coverage on Cirrus Logic in a research report on Wednesday, October 12th. They issued a “buy” rating on the stock. Cowen upped their target price on Cirrus Logic from $90.00 to $100.00 in a research report on Wednesday, August 3rd. Cowen increased their price objective on Cirrus Logic to $100.00 in a report on Tuesday, August 9th. Finally, Benchmark lowered their price objective on Cirrus Logic from $95.00 to $86.00 in a report on Wednesday, November 2nd. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.33.

Cirrus Logic Stock Down 0.1 %

CRUS opened at $74.85 on Tuesday. Cirrus Logic, Inc. has a 12-month low of $61.94 and a 12-month high of $95.84. The firm has a market capitalization of $4.12 billion, a P/E ratio of 12.45, a price-to-earnings-growth ratio of 4.44 and a beta of 0.96. The stock’s 50 day moving average price is $70.59 and its two-hundred day moving average price is $75.82.

Cirrus Logic declared that its Board of Directors has initiated a share buyback program on Tuesday, August 2nd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 10.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Cirrus Logic Profile

(Get Rating)

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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Institutional Ownership by Quarter for Cirrus Logic (NASDAQ:CRUS)

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