Skandinaviska Enskilda Banken AB publ Has $1.91 Million Stock Holdings in Cirrus Logic, Inc. $CRUS

Skandinaviska Enskilda Banken AB publ lowered its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 71.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,248 shares of the semiconductor company’s stock after selling 38,400 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Cirrus Logic were worth $1,910,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Cirrus Logic by 4.2% in the third quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company’s stock worth $829,724,000 after acquiring an additional 268,560 shares during the last quarter. Sei Investments Co. raised its position in shares of Cirrus Logic by 4.6% during the second quarter. Sei Investments Co. now owns 906,577 shares of the semiconductor company’s stock valued at $94,517,000 after buying an additional 40,149 shares during the last quarter. Norges Bank bought a new stake in shares of Cirrus Logic in the second quarter valued at about $68,744,000. DNB Asset Management AS grew its position in Cirrus Logic by 124.1% during the second quarter. DNB Asset Management AS now owns 504,474 shares of the semiconductor company’s stock worth $52,594,000 after buying an additional 279,398 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in Cirrus Logic by 11.9% during the second quarter. Qube Research & Technologies Ltd now owns 497,639 shares of the semiconductor company’s stock valued at $51,881,000 after acquiring an additional 52,774 shares during the period. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $142.14 on Friday. The firm has a market capitalization of $7.25 billion, a P/E ratio of 18.73 and a beta of 1.12. The stock has a fifty day moving average price of $128.31 and a two-hundred day moving average price of $123.04. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $146.88.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.37 by $0.60. The company had revenue of $580.62 million for the quarter, compared to the consensus estimate of $531.43 million. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.51 EPS. On average, equities research analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on CRUS. Williams Trading set a $150.00 price target on Cirrus Logic in a report on Wednesday, November 5th. Stifel Nicolaus upped their target price on Cirrus Logic from $150.00 to $163.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research report on Monday, December 29th. Benchmark boosted their price target on shares of Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. Finally, KeyCorp raised their price objective on shares of Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cirrus Logic currently has an average rating of “Moderate Buy” and an average target price of $145.43.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Scott Thomas sold 3,239 shares of Cirrus Logic stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $141.63, for a total value of $458,739.57. Following the completion of the transaction, the executive vice president owned 30,393 shares in the company, valued at approximately $4,304,560.59. The trade was a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John Forsyth sold 21,806 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total value of $2,947,080.90. Following the sale, the chief executive officer owned 50,723 shares in the company, valued at approximately $6,855,213.45. This trade represents a 30.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,045 shares of company stock worth $3,835,300 over the last ninety days. Corporate insiders own 1.16% of the company’s stock.

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.