KLP Kapitalforvaltning AS Takes $1.87 Million Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

KLP Kapitalforvaltning AS acquired a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 18,800 shares of the semiconductor company's stock, valued at approximately $1,872,000.

Other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in Cirrus Logic by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company's stock worth $141,414,000 after purchasing an additional 50,582 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Cirrus Logic by 30.4% during the third quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company's stock worth $36,811,000 after buying an additional 69,006 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Cirrus Logic in the third quarter valued at about $2,543,000. Burney Co. grew its stake in shares of Cirrus Logic by 1,205.3% in the fourth quarter. Burney Co. now owns 154,247 shares of the semiconductor company's stock valued at $15,360,000 after acquiring an additional 142,430 shares in the last quarter. Finally, KBC Group NV increased its position in Cirrus Logic by 52.5% during the fourth quarter. KBC Group NV now owns 1,896 shares of the semiconductor company's stock worth $189,000 after acquiring an additional 653 shares during the period. Institutional investors own 87.96% of the company's stock.

Analysts Set New Price Targets

CRUS has been the subject of several recent analyst reports. Barclays upped their price objective on shares of Cirrus Logic from $105.00 to $115.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. StockNews.com raised shares of Cirrus Logic from a "hold" rating to a "buy" rating in a research report on Tuesday, December 3rd. Finally, Benchmark reiterated a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday, March 19th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $132.86.

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Insider Activity

In other news, EVP Jeffrey W. Baumgartner sold 2,051 shares of Cirrus Logic stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $100.00, for a total transaction of $205,100.00. Following the sale, the executive vice president now owns 8,330 shares in the company, valued at $833,000. This trade represents a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.02% of the company's stock.

Cirrus Logic Trading Up 0.2 %

NASDAQ:CRUS traded up $0.18 during mid-day trading on Tuesday, reaching $99.83. The company's stock had a trading volume of 401,354 shares, compared to its average volume of 591,270. The firm's fifty day moving average price is $103.44 and its two-hundred day moving average price is $107.69. Cirrus Logic, Inc. has a 12-month low of $81.30 and a 12-month high of $147.46. The stock has a market cap of $5.31 billion, a P/E ratio of 18.12 and a beta of 0.89.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share for the quarter, missing analysts' consensus estimates of $2.36 by ($0.21). Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. Analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

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.