Geode Capital Management LLC Grows Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Geode Capital Management LLC raised its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 2.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,171,483 shares of the semiconductor company's stock after buying an additional 33,204 shares during the quarter. Geode Capital Management LLC owned about 2.20% of Cirrus Logic worth $116,684,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CRUS. Kohmann Bosshard Financial Services LLC bought a new stake in Cirrus Logic in the fourth quarter worth about $28,000. Westside Investment Management Inc. purchased a new stake in shares of Cirrus Logic in the third quarter valued at approximately $35,000. Sound Income Strategies LLC bought a new position in Cirrus Logic in the fourth quarter worth approximately $46,000. R Squared Ltd bought a new stake in Cirrus Logic during the 4th quarter valued at $47,000. Finally, Quent Capital LLC grew its position in shares of Cirrus Logic by 167.2% during the 4th quarter. Quent Capital LLC now owns 473 shares of the semiconductor company's stock worth $47,000 after buying an additional 296 shares in the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Stock Performance

CRUS stock traded up $1.43 during midday trading on Monday, reaching $87.70. The stock had a trading volume of 51,430 shares, compared to its average volume of 613,272. The firm has a fifty day simple moving average of $100.61 and a two-hundred day simple moving average of $105.19. The stock has a market cap of $4.66 billion, a PE ratio of 15.92 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.

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Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing the consensus estimate 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, sell-side analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on CRUS shares. Benchmark restated a "buy" rating and issued a $125.00 price target on shares of Cirrus Logic in a report on Wednesday, March 19th. Barclays lifted their price target on Cirrus Logic from $105.00 to $115.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $132.86.

Insiders Place Their Bets

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $100.00, for a total transaction of $205,100.00. Following the completion of the sale, the executive vice president now directly owns 8,330 shares in the company, valued at approximately $833,000. This trade represents a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.02% of the company's stock.

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.