15,800 Shares in Cirrus Logic, Inc. (CRUS) Purchased by New Mexico Educational Retirement Board
New Mexico Educational Retirement Board acquired a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 15,800 shares of the semiconductor company’s stock, valued at approximately $819,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRUS. Migdal Insurance & Financial Holdings Ltd. raised its position in Cirrus Logic by 72.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock valued at $138,000 after purchasing an additional 1,086 shares during the period. DekaBank Deutsche Girozentrale raised its position in Cirrus Logic by 96.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock valued at $157,000 after purchasing an additional 1,372 shares during the period. Sapphire Star Partners LP purchased a new stake in Cirrus Logic in the third quarter valued at $211,000. Rational Advisors LLC purchased a new stake in Cirrus Logic in the third quarter valued at $213,000. Finally, Ifrah Financial Services Inc. purchased a new stake in Cirrus Logic in the third quarter valued at $217,000. 91.67% of the stock is currently owned by institutional investors.
Shares of Cirrus Logic, Inc. (NASDAQ CRUS) opened at $43.30 on Friday. The stock has a market capitalization of $2,743.75, a price-to-earnings ratio of 10.77, a P/E/G ratio of 1.26 and a beta of -0.02. Cirrus Logic, Inc. has a 1-year low of $39.51 and a 1-year high of $71.97.
Cirrus Logic announced that its board has initiated a stock buyback plan on Monday, February 5th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
A number of research firms have commented on CRUS. Needham & Company LLC downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Tuesday, February 6th. BidaskClub downgraded Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Wednesday, February 7th. Craig Hallum reduced their target price on Cirrus Logic from $54.00 to $44.00 and set a “hold” rating on the stock in a research report on Tuesday, February 6th. Bank of America reduced their target price on Cirrus Logic from $50.00 to $41.00 and set a “sell” rating on the stock in a research report on Tuesday, February 6th. Finally, Stifel Nicolaus reduced their target price on Cirrus Logic from $75.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $60.92.
In related news, Director Christine King sold 562 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $49.75, for a total value of $27,959.50. Following the sale, the director now owns 11,744 shares in the company, valued at approximately $584,264. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Randolph K. Carlson sold 7,265 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $42.03, for a total value of $305,347.95. The disclosure for this sale can be found here. Insiders sold a total of 8,405 shares of company stock worth $363,200 in the last quarter. Company insiders own 1.92% of the company’s stock.
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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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