KBC Group NV Raises Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

KBC Group NV grew its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 22.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,318 shares of the semiconductor company’s stock after buying an additional 422 shares during the period. KBC Group NV’s holdings in Cirrus Logic were worth $231,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Victory Capital Management Inc. raised its holdings in shares of Cirrus Logic by 5.3% during the fourth quarter. Victory Capital Management Inc. now owns 47,048 shares of the semiconductor company’s stock valued at $4,685,000 after purchasing an additional 2,367 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Cirrus Logic by 11.5% during the fourth quarter. Assetmark Inc. now owns 3,283 shares of the semiconductor company’s stock valued at $327,000 after purchasing an additional 338 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Cirrus Logic by 0.7% during the fourth quarter. Arizona State Retirement System now owns 15,492 shares of the semiconductor company’s stock valued at $1,543,000 after purchasing an additional 101 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $5,225,000. Finally, Edgestream Partners L.P. purchased a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $724,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $1,000,000.00. Following the completion of the transaction, the executive vice president directly owned 14,001 shares in the company, valued at $1,400,100. This represents a 41.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total transaction of $105,620.00. Following the completion of the transaction, the director owned 20,907 shares of the company’s stock, valued at approximately $2,208,197.34. The trade was a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,000 shares of company stock worth $1,305,620 over the last three months. 1.16% of the stock is currently owned by company insiders.

Cirrus Logic Trading Up 0.8%

Shares of NASDAQ CRUS opened at $110.25 on Monday. The firm has a 50 day moving average of $102.63 and a 200 day moving average of $100.56. The firm has a market capitalization of $5.66 billion, a price-to-earnings ratio of 18.34 and a beta of 0.95. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.52. The business had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The company’s revenue was up 14.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.24 earnings per share. Sell-side analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic declared that its board has approved a stock repurchase program on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 9.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRUS. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a report on Wednesday, May 7th. Benchmark reissued a “buy” rating and set a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday, March 19th. Barclays boosted their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 5th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price 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.