DnB Asset Management AS Boosts Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

DnB Asset Management AS lifted its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 52.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 274,672 shares of the semiconductor company’s stock after purchasing an additional 94,088 shares during the quarter. DnB Asset Management AS owned about 0.52% of Cirrus Logic worth $27,352,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Westside Investment Management Inc. purchased a new stake in shares of Cirrus Logic in the 3rd quarter valued at approximately $35,000. Kohmann Bosshard Financial Services LLC acquired a new stake in Cirrus Logic during the fourth quarter worth $28,000. Sound Income Strategies LLC acquired a new position in shares of Cirrus Logic in the 4th quarter valued at $46,000. R Squared Ltd purchased a new position in shares of Cirrus Logic during the 4th quarter worth $47,000. Finally, Quent Capital LLC increased its position in shares of Cirrus Logic by 167.2% during the 4th quarter. Quent Capital LLC now owns 473 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 296 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Cirrus Logic Price Performance

CRUS stock opened at $99.51 on Friday. Cirrus Logic, Inc. has a 1 year low of $81.30 and a 1 year high of $147.46. The firm has a market capitalization of $5.29 billion, a P/E ratio of 18.06 and a beta of 0.89. The business’s 50-day moving average is $103.47 and its two-hundred day moving average is $108.52.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.21). Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. On average, analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Insider Transactions at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $100.00, for a total value of $205,100.00. Following the transaction, the executive vice president now directly owns 8,330 shares of the company’s stock, valued at $833,000. This trade represents a 19.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Benchmark reaffirmed a “buy” rating and set a $125.00 target price on shares of Cirrus Logic in a research note on Wednesday, March 19th. Barclays upped their price target on Cirrus Logic from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, StockNews.com raised Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $132.86.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.