Cirrus Logic, Inc. $CRUS Shares Acquired by DNB Asset Management AS

DNB Asset Management AS raised its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 5.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 532,180 shares of the semiconductor company’s stock after purchasing an additional 27,706 shares during the period. DNB Asset Management AS owned 1.04% of Cirrus Logic worth $66,677,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Hantz Financial Services Inc. lifted its position in shares of Cirrus Logic by 1,660.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 264 shares of the semiconductor company’s stock worth $28,000 after buying an additional 249 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Cirrus Logic in the second quarter worth about $39,000. Abich Financial Wealth Management LLC acquired a new position in Cirrus Logic in the third quarter valued at approximately $46,000. Geneos Wealth Management Inc. boosted its stake in Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 232 shares during the period. Finally, Rothschild Investment LLC bought a new position in shares of Cirrus Logic during the third quarter valued at approximately $48,000. Institutional investors own 87.96% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Loop Capital downgraded Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price target on the stock. in a report on Monday, February 2nd. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Monday, December 29th. KeyCorp increased their price objective on shares of Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Wall Street Zen downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Williams Trading set a $150.00 target price on shares of Cirrus Logic in a research report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $145.43.

Cirrus Logic Stock Performance

CRUS opened at $145.02 on Friday. The company has a market capitalization of $7.40 billion, a PE ratio of 19.11 and a beta of 1.12. The stock’s fifty day moving average is $130.18 and its 200-day moving average is $124.09. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $146.88.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.37 by $0.60. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The business had revenue of $580.62 million during the quarter, compared to analysts’ expectations of $531.43 million. During the same quarter last year, the business posted $2.51 earnings per share. The company’s quarterly revenue was up 4.5% on a year-over-year basis. On average, equities research analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Insider Transactions at Cirrus Logic

In other news, EVP Justin E. Dougherty sold 3,000 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $143.16, for a total value of $429,480.00. Following the transaction, the executive vice president owned 5,876 shares of the company’s stock, valued at $841,208.16. The trade was a 33.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Scott Thomas sold 3,239 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $141.63, for a total transaction of $458,739.57. Following the sale, the executive vice president directly owned 30,393 shares of the company’s stock, valued at approximately $4,304,560.59. This represents a 9.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,045 shares of company stock valued at $3,835,300 in the last quarter. Insiders own 1.16% of the company’s stock.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.