KLP Kapitalforvaltning AS Acquires New Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

KLP Kapitalforvaltning AS bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 18,800 shares of the semiconductor company’s stock, valued at approximately $1,872,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC grew its position in shares of Cirrus Logic by 6.3% during the 3rd quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company’s stock valued at $456,862,000 after purchasing an additional 217,404 shares in the last quarter. Pacer Advisors Inc. grew its position in Cirrus Logic by 44.0% during the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock worth $126,247,000 after buying an additional 387,346 shares in the last quarter. Geode Capital Management LLC increased its stake in Cirrus Logic by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company’s stock worth $141,414,000 after acquiring an additional 50,582 shares during the last quarter. Allianz Asset Management GmbH increased its stake in Cirrus Logic by 137.2% in the 4th quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company’s stock worth $104,049,000 after acquiring an additional 604,431 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Cirrus Logic by 8.4% in the 4th quarter. Sei Investments Co. now owns 830,180 shares of the semiconductor company’s stock valued at $82,672,000 after acquiring an additional 64,222 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Stock Performance

CRUS stock opened at $103.26 on Friday. The company has a market capitalization of $5.49 billion, a PE ratio of 18.74 and a beta of 0.89. Cirrus Logic, Inc. has a one year low of $81.30 and a one year high of $147.46. The company’s 50 day moving average price is $103.50 and its two-hundred day moving average price is $108.76.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.21). Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. On average, research analysts predict 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 firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total transaction of $205,100.00. Following the transaction, the executive vice president now directly owns 8,330 shares in the company, valued at $833,000. This trade represents a 19.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.02% of the company’s stock.

Analysts Set New Price Targets

CRUS has been the subject of several recent analyst reports. StockNews.com raised Cirrus Logic from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. Benchmark reissued a “buy” rating and issued a $125.00 price target on shares of Cirrus Logic in a research note on Wednesday, March 19th. Finally, Barclays raised their price objective on shares of Cirrus Logic from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.