DNB Asset Management AS 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 233,848 shares of the semiconductor company’s stock, valued at approximately $19,271,000. DNB Asset Management AS owned about 0.40% of Cirrus Logic as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also made changes to their positions in the company. Parametric Portfolio Associates LLC lifted its stake in shares of Cirrus Logic by 5.8% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 170,780 shares of the semiconductor company’s stock valued at $9,150,000 after purchasing an additional 9,428 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Cirrus Logic in the 3rd quarter valued at $1,724,000. Nuveen Asset Management LLC acquired a new position in shares of Cirrus Logic in the 2nd quarter valued at $12,911,000. Comerica Bank lifted its stake in shares of Cirrus Logic by 42.5% in the 3rd quarter. Comerica Bank now owns 47,560 shares of the semiconductor company’s stock valued at $2,644,000 after purchasing an additional 14,178 shares during the last quarter. Finally, Boston Advisors LLC lifted its stake in shares of Cirrus Logic by 67.8% in the 3rd quarter. Boston Advisors LLC now owns 22,934 shares of the semiconductor company’s stock valued at $1,229,000 after purchasing an additional 9,264 shares during the last quarter. 92.35% of the stock is currently owned by institutional investors and hedge funds.
CRUS opened at $85.88 on Tuesday. The stock’s 50-day moving average price is $78.81 and its 200 day moving average price is $60.87. Cirrus Logic, Inc. has a 12-month low of $34.61 and a 12-month high of $86.65. The company has a current ratio of 3.38, a quick ratio of 2.63 and a debt-to-equity ratio of 0.11. The firm has a market cap of $4.89 billion, a price-to-earnings ratio of 41.89, a PEG ratio of 2.23 and a beta of 1.02.
Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, October 30th. The semiconductor company reported $1.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.61. Cirrus Logic had a return on equity of 13.04% and a net margin of 9.81%. The firm had revenue of $389.00 million for the quarter, compared to analyst estimates of $320.37 million. During the same quarter in the prior year, the company earned $1.08 EPS. Cirrus Logic’s revenue was up 6.2% on a year-over-year basis. On average, research analysts forecast that Cirrus Logic, Inc. will post 2.72 earnings per share for the current year.
In other Cirrus Logic news, VP Scott Arnold Anderson sold 16,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $71.13, for a total transaction of $1,138,080.00. Also, Director John C. Carter sold 12,521 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $72.71, for a total value of $910,401.91. In the last three months, insiders have sold 47,633 shares of company stock worth $3,429,133. 2.79% of the stock is owned by corporate insiders.
CRUS has been the topic of several recent analyst reports. Cowen upped their price target on Cirrus Logic from $56.00 to $62.00 and gave the company a “market perform” rating in a research note on Thursday, October 31st. Benchmark upped their price target on Cirrus Logic from $70.00 to $80.00 and gave the company a “market weight” rating in a research note on Friday, November 15th. TheStreet raised Cirrus Logic from a “c+” rating to a “b” rating in a research note on Thursday, October 31st. Zacks Investment Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating and set a $87.00 target price on the stock. in a research note on Thursday, January 2nd. Finally, Bank of America increased their target price on Cirrus Logic from $54.00 to $64.00 and gave the stock an “underperform” rating in a research note on Friday, January 3rd. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Cirrus Logic presently has a consensus rating of “Hold” and a consensus price target of $63.44.
Cirrus Logic Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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