Harber Asset Management LLC Raises Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Harber Asset Management LLC increased its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 14.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,642 shares of the semiconductor company's stock after buying an additional 8,187 shares during the quarter. Cirrus Logic accounts for about 1.9% of Harber Asset Management LLC's investment portfolio, making the stock its 26th largest position. Harber Asset Management LLC owned approximately 0.12% of Cirrus Logic worth $6,337,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC bought a new stake in Cirrus Logic in the fourth quarter worth $28,000. Westside Investment Management Inc. purchased a new stake in Cirrus Logic during the 3rd quarter valued at $35,000. Headlands Technologies LLC bought a new stake in shares of Cirrus Logic in the 4th quarter worth about $39,000. Sound Income Strategies LLC bought a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $46,000. Finally, R Squared Ltd purchased a new position in Cirrus Logic during the 4th quarter valued at $47,000. 87.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the 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 completion of the transaction, the executive vice president now owns 8,330 shares of the company's stock, valued at $833,000. This represents a 19.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.02% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CRUS shares. Barclays boosted their target price on shares of Cirrus Logic from $105.00 to $115.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Stifel Nicolaus decreased their price target on shares of Cirrus Logic from $140.00 to $112.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Benchmark reissued a "buy" rating and issued a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cirrus Logic presently has an average rating of "Moderate Buy" and an average target price of $128.86.

Cirrus Logic Price Performance

Cirrus Logic stock traded up $0.06 during midday trading on Friday, reaching $85.58. The company's stock had a trading volume of 519,758 shares, compared to its average volume of 618,592. The stock's 50-day simple moving average is $99.02 and its 200-day simple moving average is $104.43. The stock has a market capitalization of $4.55 billion, a P/E ratio of 15.53 and a beta of 0.95. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) 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%. As a group, equities research analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic Profile

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.