Skandinaviska Enskilda Banken AB publ Takes Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 5,735 shares of the semiconductor company's stock, valued at approximately $732,000.

A number of other institutional investors also recently made changes to their positions in the business. Atlas Capital Advisors LLC grew its stake in Cirrus Logic by 103.0% in the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company's stock worth $37,000 after purchasing an additional 204 shares in the last quarter. Quadrant Capital Group LLC grew its position in shares of Cirrus Logic by 72.3% in the 4th quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company's stock worth $42,000 after acquiring an additional 214 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of Cirrus Logic by 1,911.1% in the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company's stock valued at $46,000 after acquiring an additional 344 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Cirrus Logic by 79.5% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company's stock valued at $61,000 after acquiring an additional 210 shares in the last quarter. Finally, 1620 Investment Advisors Inc. bought a new position in Cirrus Logic during the second quarter worth $77,000. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Stock Down 0.7 %

CRUS stock traded down $0.87 during trading on Tuesday, reaching $123.46. 181,638 shares of the company's stock were exchanged, compared to its average volume of 473,878. Cirrus Logic, Inc. has a 1-year low of $65.02 and a 1-year high of $147.46. The firm has a market cap of $6.60 billion, a PE ratio of 25.22 and a beta of 0.97. The company's fifty day moving average price is $133.60 and its 200-day moving average price is $115.79.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.50. The business had revenue of $374.03 million during the quarter, compared to the consensus estimate of $318.41 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The company's quarterly revenue was up 18.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.35 earnings per share. As a group, sell-side analysts expect that Cirrus Logic, Inc. will post 5.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CRUS has been the topic of a number of research reports. StockNews.com cut shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Thursday, August 15th. Susquehanna lifted their target price on Cirrus Logic from $120.00 to $175.00 and gave the company a "positive" rating in a research note on Wednesday, July 17th. Barclays upped their target price on Cirrus Logic from $110.00 to $140.00 and gave the company an "overweight" rating in a report on Wednesday, August 7th. KeyCorp raised their price target on Cirrus Logic from $155.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, August 7th. Finally, Stifel Nicolaus upped their price objective on Cirrus Logic from $110.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday, July 18th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $143.33.

Insider Activity

In related news, VP Andrew Brannan sold 4,350 shares of the business's stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the sale, the vice president now owns 4,004 shares of the company's stock, valued at $544,704.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $131.71, for a total value of $1,343,837.13. Following the transaction, the senior vice president now owns 4,838 shares of the company's stock, valued at approximately $637,212.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Andrew Brannan sold 4,350 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total transaction of $591,774.00. Following the sale, the vice president now directly owns 4,004 shares of the company's stock, valued at $544,704.16. The disclosure for this sale can be found here. Insiders own 1.02% of the company's stock.

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.