Van ECK Associates Corp Acquires 3,267 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Van ECK Associates Corp grew its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 28.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,662 shares of the semiconductor company’s stock after acquiring an additional 3,267 shares during the quarter. Van ECK Associates Corp’s holdings in Cirrus Logic were worth $1,220,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Venturi Wealth Management LLC grew its position in Cirrus Logic by 93.7% in the 4th quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 178 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Cirrus Logic by 71.1% during the third quarter. Nisa Investment Advisors LLC now owns 722 shares of the semiconductor company’s stock worth $53,000 after buying an additional 300 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in Cirrus Logic during the third quarter valued at about $62,000. Disciplined Equity Management Inc. acquired a new position in Cirrus Logic in the 4th quarter valued at approximately $83,000. Finally, Covestor Ltd lifted its position in shares of Cirrus Logic by 13.2% in the 3rd quarter. Covestor Ltd now owns 1,492 shares of the semiconductor company’s stock worth $110,000 after acquiring an additional 174 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. TD Cowen upped their target price on Cirrus Logic from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday. TheStreet upgraded shares of Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. KeyCorp upped their target price on shares of Cirrus Logic from $100.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday. Susquehanna raised their target price on Cirrus Logic from $100.00 to $120.00 and gave the company a “positive” rating in a research note on Wednesday. Finally, Barclays raised their price objective on shares of Cirrus Logic from $95.00 to $110.00 and gave the company an “overweight” rating in a research report on Wednesday. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $107.86.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS opened at $103.78 on Friday. Cirrus Logic, Inc. has a fifty-two week low of $65.02 and a fifty-two week high of $104.16. The stock has a market capitalization of $5.59 billion, a price-to-earnings ratio of 32.95 and a beta of 0.99. The business has a 50-day moving average of $90.12 and a 200-day moving average of $83.45.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $2.53 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.83. Cirrus Logic had a net margin of 9.84% and a return on equity of 16.13%. The company had revenue of $618.98 million for the quarter, compared to analyst estimates of $539.55 million. On average, sell-side analysts expect that Cirrus Logic, Inc. will post 4.79 EPS for the current year.

Insider Buying and Selling at Cirrus Logic

In other news, SVP Justin E. Dougherty sold 3,280 shares of Cirrus Logic stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total transaction of $299,792.00. Following the completion of the sale, the senior vice president now owns 6,000 shares of the company’s stock, valued at $548,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.89% of the company’s stock.

Cirrus Logic Company 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 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 processing; boosted amplifiers; 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.