Cirrus Logic, Inc. $CRUS Holdings Boosted by DNB Asset Management AS

DNB Asset Management AS grew its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 5.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 532,180 shares of the semiconductor company’s stock after purchasing an additional 27,706 shares during the period. DNB Asset Management AS’s holdings in Cirrus Logic were worth $66,677,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Royal Bank of Canada lifted its stake in Cirrus Logic by 92.3% in the 1st quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock worth $7,189,000 after acquiring an additional 34,629 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Cirrus Logic by 24.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after purchasing an additional 263 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Cirrus Logic by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock worth $21,372,000 after purchasing an additional 9,658 shares during the period. Focus Partners Wealth purchased a new position in Cirrus Logic during the first quarter valued at approximately $361,000. Finally, Geneos Wealth Management Inc. grew 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 purchasing an additional 232 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Loop Capital downgraded Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price target for the company. in a research note on Monday, February 2nd. Wall Street Zen lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. KeyCorp increased their price target on shares of Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Finally, Benchmark lifted their price objective on shares of Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $145.43.

Cirrus Logic Trading Up 1.0%

Shares of Cirrus Logic stock opened at $145.02 on Friday. The firm has a fifty day simple moving average of $130.18 and a 200-day simple moving average of $124.09. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 19.11 and a beta of 1.12. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-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. The firm had revenue of $580.62 million during the quarter, compared to the consensus estimate of $531.43 million. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.51 EPS. As a group, research analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Justin E. Dougherty sold 3,000 shares of the business’s stock in a transaction 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 sale, 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 filing with the SEC, which can be accessed through this link. Also, CEO John Forsyth sold 21,806 shares of the stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $135.15, for a total transaction of $2,947,080.90. Following the completion of the transaction, the chief executive officer owned 50,723 shares of the company’s stock, valued at approximately $6,855,213.45. This represents a 30.07% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 28,045 shares of company stock worth $3,835,300. 1.16% of the stock is currently owned by company 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.