Norges Bank bought a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,021,724 shares of the semiconductor company’s stock, valued at approximately $33,900,000. Norges Bank owned approximately 1.73% of Cirrus Logic at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the stock. Thrivent Financial for Lutherans increased its holdings in shares of Cirrus Logic by 5.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 15,497 shares of the semiconductor company’s stock valued at $514,000 after purchasing an additional 795 shares during the period. Vanguard Group Inc increased its holdings in shares of Cirrus Logic by 0.4% in the third quarter. Vanguard Group Inc now owns 5,619,593 shares of the semiconductor company’s stock valued at $216,916,000 after purchasing an additional 24,334 shares during the period. Cipher Capital LP acquired a new position in shares of Cirrus Logic in the fourth quarter valued at about $666,000. Meeder Asset Management Inc. increased its holdings in shares of Cirrus Logic by 813.1% in the fourth quarter. Meeder Asset Management Inc. now owns 6,291 shares of the semiconductor company’s stock valued at $209,000 after purchasing an additional 5,602 shares during the period. Finally, Prudential Financial Inc. increased its holdings in shares of Cirrus Logic by 106.2% in the fourth quarter. Prudential Financial Inc. now owns 801,837 shares of the semiconductor company’s stock valued at $26,605,000 after purchasing an additional 412,921 shares during the period. 89.42% of the stock is currently owned by institutional investors.
A number of research analysts have recently weighed in on the company. BidaskClub raised Cirrus Logic from a “buy” rating to a “strong-buy” rating in a report on Tuesday, March 5th. ValuEngine raised Cirrus Logic from a “hold” rating to a “buy” rating in a report on Friday, March 15th. Zacks Investment Research raised Cirrus Logic from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 2nd. Craig Hallum lowered Cirrus Logic from a “buy” rating to a “hold” rating and cut their price objective for the company from $44.00 to $38.00 in a report on Thursday, January 31st. Finally, TheStreet lowered Cirrus Logic from a “b-” rating to a “c” rating in a report on Friday, February 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $42.13.
In related news, SVP Scott Arnold Anderson sold 6,966 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $39.46, for a total transaction of $274,878.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Randolph K. Carlson sold 10,848 shares of the firm’s stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $37.43, for a total value of $406,040.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,870 shares of company stock worth $799,247. 2.32% of the stock is owned by corporate insiders.
Cirrus Logic stock opened at $46.22 on Wednesday. The stock has a market cap of $2.65 billion, a P/E ratio of 20.33, a P/E/G ratio of 2.31 and a beta of 0.60. Cirrus Logic, Inc. has a 52 week low of $31.25 and a 52 week high of $46.34.
Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, January 30th. The semiconductor company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.78 by $0.13. The firm had revenue of $324.30 million for the quarter, compared to analyst estimates of $319.37 million. Cirrus Logic had a return on equity of 11.88% and a net margin of 7.68%. Cirrus Logic’s revenue for the quarter was down 32.8% compared to the same quarter last year. During the same period last year, the company earned $1.59 earnings per share. Analysts predict that Cirrus Logic, Inc. will post 1.72 EPS for the current year.
Cirrus Logic announced that its board has approved a stock repurchase program on Wednesday, January 30th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 8.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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