ING Groep NV Purchases 18,500 Shares of Cirrus Logic, Inc. $CRUS

ING Groep NV boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 54.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,600 shares of the semiconductor company’s stock after purchasing an additional 18,500 shares during the period. ING Groep NV’s holdings in Cirrus Logic were worth $6,233,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Cirrus Logic by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company’s stock worth $829,724,000 after buying an additional 268,560 shares during the last quarter. LSV Asset Management boosted its stake in shares of Cirrus Logic by 1.0% during the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock worth $279,215,000 after buying an additional 23,703 shares during the last quarter. Earnest Partners LLC boosted its stake in shares of Cirrus Logic by 0.8% during the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company’s stock worth $168,980,000 after buying an additional 10,750 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Cirrus Logic by 2.2% during the 3rd quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company’s stock worth $116,140,000 after buying an additional 20,381 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in shares of Cirrus Logic by 5.1% during the 3rd quarter. Royce & Associates LP now owns 713,999 shares of the semiconductor company’s stock worth $89,457,000 after buying an additional 34,839 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a research note on Thursday. Barclays raised their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. KeyCorp raised their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a research note on Thursday, May 7th. Finally, Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Cirrus Logic currently has a consensus rating of “Moderate Buy” and an average price target of $161.71.

Cirrus Logic Trading Up 0.8%

Shares of CRUS opened at $165.66 on Tuesday. Cirrus Logic, Inc. has a 12 month low of $92.02 and a 12 month high of $180.42. The firm’s 50 day moving average is $163.73 and its 200-day moving average is $141.53. The stock has a market capitalization of $8.36 billion, a PE ratio of 21.13 and a beta of 1.15.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, topping the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.26 million. During the same period last year, the firm earned $1.67 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts predict that Cirrus Logic, Inc. will post 8.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Justin E. Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total value of $333,000.00. Following the transaction, the executive vice president directly owned 4,537 shares of the company’s stock, valued at $755,410.50. This trade represents a 30.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the transaction, the director directly owned 20,531 shares in the company, valued at $3,264,429. This trade represents a 4.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 23,149 shares of company stock valued at $3,828,401 over the last three months. 1.20% of the stock is owned by corporate insiders.

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.