Norges Bank bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 639,046 shares of the company’s stock, valued at approximately $36,132,000.
A number of other large investors also recently made changes to their positions in CRUS. Thompson Davis & CO. Inc. increased its stake in shares of Cirrus Logic by 170.1% in the third quarter. Thompson Davis & CO. Inc. now owns 2,120 shares of the company’s stock worth $113,000 after buying an additional 1,335 shares in the last quarter. Advisor Group Inc. increased its stake in shares of Cirrus Logic by 84.1% in the third quarter. Advisor Group Inc. now owns 2,145 shares of the company’s stock worth $113,000 after buying an additional 980 shares in the last quarter. Elkfork Partners LLC bought a new stake in shares of Cirrus Logic during the fourth quarter worth $176,000. BB&T Securities LLC bought a new stake in shares of Cirrus Logic during the third quarter worth $213,000. Finally, LS Investment Advisors LLC increased its stake in shares of Cirrus Logic by 80.1% in the third quarter. LS Investment Advisors LLC now owns 4,019 shares of the company’s stock worth $214,000 after buying an additional 1,787 shares in the last quarter. 88.60% of the stock is currently owned by institutional investors and hedge funds.
Cirrus Logic, Inc. (NASDAQ:CRUS) opened at 60.49 on Tuesday. The company has a market cap of $3.89 billion, a PE ratio of 16.68 and a beta of 0.11. Cirrus Logic, Inc. has a one year low of $31.00 and a one year high of $64.16. The stock has a 50 day moving average of $55.78 and a 200 day moving average of $55.60.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, February 1st. The company reported $1.87 EPS for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.24. Cirrus Logic had a return on equity of 25.10% and a net margin of 15.94%. The company had revenue of $523 million for the quarter, compared to analysts’ expectations of $495.22 million. During the same period in the previous year, the firm earned $0.82 EPS. The firm’s revenue was up 50.3% compared to the same quarter last year. On average, analysts anticipate that Cirrus Logic, Inc. will post $4.36 earnings per share for the current fiscal year.
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A number of equities research analysts recently weighed in on the stock. Craig Hallum raised their target price on shares of Cirrus Logic from $60.00 to $63.00 and gave the company a “hold” rating in a research note on Thursday, February 2nd. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating and issued a $70.00 target price on shares of Cirrus Logic in a research note on Wednesday, March 1st. Canaccord Genuity reaffirmed a “buy” rating and issued a $68.00 target price on shares of Cirrus Logic in a research note on Monday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 target price on shares of Cirrus Logic in a research note on Friday, December 2nd. Finally, CIBC reaffirmed a “market perform” rating on shares of Cirrus Logic in a research note on Wednesday, March 1st. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $61.20.
In related news, VP Randolph K. Carlson sold 17,880 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $55.98, for a total value of $1,000,922.40. Following the transaction, the vice president now directly owns 25,145 shares of the company’s stock, valued at approximately $1,407,617.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Alan R. Schuele sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, January 30th. The stock was sold at an average price of $60.38, for a total value of $150,950.00. Following the completion of the transaction, the director now directly owns 13,109 shares in the company, valued at $791,521.42. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,551 shares of company stock worth $1,674,073. 3.10% of the stock is owned by insiders.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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