Norges Bank Acquires New Position in Cirrus Logic, Inc. $CRUS

Norges Bank acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) during the 4th quarter, Holdings Channel.com reports. The firm acquired 587,966 shares of the semiconductor company’s stock, valued at approximately $69,674,000.

Several other large investors have also bought and sold shares of CRUS. Kohmann Bosshard Financial Services LLC acquired a new stake in Cirrus Logic in the fourth quarter worth $33,000. Torren Management LLC acquired a new stake in Cirrus Logic in the fourth quarter worth $35,000. Abich Financial Wealth Management LLC acquired a new stake in Cirrus Logic in the third quarter worth $46,000. Rothschild Investment LLC acquired a new stake in Cirrus Logic in the third quarter worth $48,000. Finally, Geneos Wealth Management Inc. raised its holdings in Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 232 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CRUS shares. Zacks Research lowered shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. KeyCorp increased their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Barclays increased their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Friday, March 27th. Finally, Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Cirrus Logic has an average rating of “Moderate Buy” and a consensus price target of $161.71.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Scott Thomas sold 1,300 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total transaction of $234,052.00. Following the sale, the executive vice president directly owned 31,048 shares in the company, valued at $5,589,881.92. This trade represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alexander M. Davern sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the sale, the director owned 20,531 shares in the company, valued at approximately $3,264,429. The trade was a 4.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,149 shares of company stock valued at $3,828,401 over the last quarter. 1.16% of the stock is currently owned by corporate insiders.

Cirrus Logic Stock Down 6.4%

Shares of NASDAQ:CRUS opened at $164.40 on Friday. Cirrus Logic, Inc. has a 12 month low of $92.02 and a 12 month high of $180.42. The company’s fifty day simple moving average is $163.40 and its 200 day simple moving average is $140.99. The firm has a market cap of $8.29 billion, a price-to-earnings ratio of 20.97 and a beta of 1.15.

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

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.