BNP Paribas Financial Markets Raises Stock Position in Cirrus Logic, Inc. $CRUS

BNP Paribas Financial Markets increased its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 79.3% during the 4th quarter, HoldingsChannel reports. The firm owned 88,395 shares of the semiconductor company’s stock after buying an additional 39,093 shares during the period. BNP Paribas Financial Markets’ holdings in Cirrus Logic were worth $10,475,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Kendall Capital Management increased its position in Cirrus Logic by 0.9% during the fourth quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company’s stock valued at $1,256,000 after acquiring an additional 90 shares during the last quarter. EP Wealth Advisors LLC increased its position in Cirrus Logic by 1.7% in the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock worth $598,000 after buying an additional 95 shares in the last quarter. Fred Alger Management LLC increased its position in Cirrus Logic by 5.0% in the third quarter. Fred Alger Management LLC now owns 2,552 shares of the semiconductor company’s stock worth $320,000 after buying an additional 122 shares in the last quarter. MML Investors Services LLC increased its position in Cirrus Logic by 2.0% in the second quarter. MML Investors Services LLC now owns 6,625 shares of the semiconductor company’s stock worth $691,000 after buying an additional 129 shares in the last quarter. Finally, Cardinal Capital Management increased its position in Cirrus Logic by 0.5% in the fourth quarter. Cardinal Capital Management now owns 23,790 shares of the semiconductor company’s stock worth $2,819,000 after buying an additional 130 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Scott Thomas sold 9,942 shares of Cirrus Logic stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $160.11, for a total value of $1,591,813.62. Following the transaction, the executive vice president directly owned 30,393 shares in the company, valued at approximately $4,866,223.23. This trade represents a 24.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction 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 completion of the transaction, the executive vice president owned 4,537 shares in the company, valued at $755,410.50. This represents a 30.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 23,149 shares of company stock worth $3,828,401. Insiders own 1.20% of the company’s stock.

Cirrus Logic Stock Up 0.8%

Shares of NASDAQ CRUS opened at $165.66 on Tuesday. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $180.42. The business has a fifty day simple moving average of $163.73 and a two-hundred day simple moving average of $141.53. The firm has a market cap of $8.36 billion, a PE ratio of 21.13 and a beta of 1.15.

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

Analysts Set New Price Targets

A number of analysts have commented on the company. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research report on Thursday. KeyCorp increased their price target on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a report on Thursday, May 7th. Finally, Barclays boosted their price objective on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Cirrus Logic currently has a consensus rating of “Moderate Buy” and an average target price of $161.71.

Cirrus Logic Company Profile

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.