KLP Kapitalforvaltning AS Acquires 5,100 Shares of Cirrus Logic, Inc. $CRUS

KLP Kapitalforvaltning AS grew its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 27.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,000 shares of the semiconductor company’s stock after buying an additional 5,100 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Cirrus Logic were worth $3,007,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Royal Bank of Canada increased its position in shares of Cirrus Logic by 92.3% in the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock valued at $7,189,000 after acquiring an additional 34,629 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in Cirrus Logic during the first quarter valued at approximately $629,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Cirrus Logic by 24.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 263 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Cirrus Logic by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock valued at $21,372,000 after purchasing an additional 9,658 shares in the last quarter. Finally, Plato Investment Management Ltd acquired a new position in shares of Cirrus Logic during the 1st quarter worth approximately $98,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cirrus Logic

In other news, EVP Andrew Brannan sold 8,913 shares of the stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $119.06, for a total transaction of $1,061,181.78. Following the transaction, the executive vice president owned 5,950 shares in the company, valued at approximately $708,407. This trade represents a 59.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Thomas sold 734 shares of the business’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $131.25, for a total value of $96,337.50. Following the completion of the sale, the executive vice president owned 26,307 shares of the company’s stock, valued at $3,452,793.75. This trade represents a 2.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.16% of the company’s stock.

Cirrus Logic Price Performance

CRUS stock opened at $121.76 on Friday. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $136.92. The stock has a market cap of $6.21 billion, a price-to-earnings ratio of 17.30 and a beta of 1.09. The company has a fifty day moving average price of $120.68 and a two-hundred day moving average price of $117.07.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Tuesday, November 4th. The semiconductor company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.51. The company had revenue of $560.96 million during the quarter, compared to analysts’ expectations of $540.45 million. Cirrus Logic had a net margin of 19.48% and a return on equity of 19.59%. Cirrus Logic’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the company posted $2.25 EPS. Research analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CRUS shares. Williams Trading set a $150.00 price objective on Cirrus Logic in a report on Wednesday, November 5th. Stifel Nicolaus upped their price target on shares of Cirrus Logic from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Susquehanna lifted their price objective on shares of Cirrus Logic from $140.00 to $155.00 and gave the company a “positive” rating in a research report on Wednesday, October 22nd. KeyCorp boosted their price objective on shares of Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Finally, Wall Street Zen cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus target price of $141.67.

Cirrus Logic Company Profile

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.