Koshinski Asset Management Inc. purchased a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 28,345 shares of the semiconductor company’s stock, valued at approximately $2,523,000.
A number of other large investors also recently added to or reduced their stakes in CRUS. Norges Bank bought a new stake in Cirrus Logic during the fourth quarter valued at about $65,413,000. Hood River Capital Management LLC bought a new stake in Cirrus Logic during the fourth quarter valued at about $39,404,000. Morgan Stanley lifted its position in shares of Cirrus Logic by 803.7% in the fourth quarter. Morgan Stanley now owns 367,200 shares of the semiconductor company’s stock valued at $30,184,000 after acquiring an additional 326,565 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Cirrus Logic by 1,387.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 228,918 shares of the semiconductor company’s stock valued at $18,817,000 after acquiring an additional 213,527 shares in the last quarter. Finally, Panagora Asset Management Inc. lifted its position in shares of Cirrus Logic by 56.2% in the fourth quarter. Panagora Asset Management Inc. now owns 343,980 shares of the semiconductor company’s stock valued at $28,275,000 after acquiring an additional 123,778 shares in the last quarter. 84.24% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:CRUS opened at $85.95 on Thursday. Cirrus Logic, Inc. has a 12-month low of $55.30 and a 12-month high of $103.25. The business’s fifty day simple moving average is $81.79 and its 200-day simple moving average is $80.00. The company has a market capitalization of $4.99 billion, a PE ratio of 33.19, a P/E/G ratio of 3.77 and a beta of 0.88.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Sunday, January 31st. The semiconductor company reported $2.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.86 by $0.27. Cirrus Logic had a return on equity of 14.92% and a net margin of 12.57%. The business had revenue of $485.80 million for the quarter, compared to the consensus estimate of $462.75 million. During the same period last year, the business posted $1.41 EPS. Sell-side analysts forecast that Cirrus Logic, Inc. will post 3.53 EPS for the current fiscal year.
Cirrus Logic declared that its Board of Directors has authorized a stock buyback program on Monday, February 1st that allows the company to buyback $350.00 million in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 6.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
CRUS has been the topic of several research analyst reports. Benchmark boosted their price objective on Cirrus Logic from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, February 2nd. Susquehanna restated a “buy” rating and issued a $115.00 price objective on shares of Cirrus Logic in a research report on Tuesday, February 2nd. Craig Hallum downgraded Cirrus Logic from a “buy” rating to a “hold” rating and set a $80.00 price objective on the stock. in a research report on Tuesday, February 2nd. KeyCorp boosted their target price on Cirrus Logic from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 2nd. Finally, Barclays boosted their target price on Cirrus Logic from $70.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, January 8th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Cirrus Logic has an average rating of “Buy” and an average price target of $99.22.
In related news, Director John C. Carter sold 625 shares of the business’s stock in a transaction on Wednesday, February 3rd. The stock was sold at an average price of $89.97, for a total transaction of $56,231.25. Following the transaction, the director now directly owns 14,406 shares in the company, valued at approximately $1,296,107.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Timothy R. Dehne sold 1,000 shares of the business’s stock in a transaction on Thursday, April 1st. The stock was sold at an average price of $86.77, for a total value of $86,770.00. Following the transaction, the director now owns 16,014 shares in the company, valued at $1,389,534.78. The disclosure for this sale can be found here. Company insiders own 1.83% of the company’s stock.
Cirrus Logic Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) in the United States and internationally. It offers portable products, including codecs-chips that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; haptic drivers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that offer enhanced voice quality, voice capture, and audio playback features.
Recommended Story: Trading Halts Explained
Want to see what other hedge funds are holding CRUS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cirrus Logic, Inc. (NASDAQ:CRUS).
Receive News & Ratings for Cirrus Logic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic and related companies with MarketBeat.com's FREE daily email newsletter.