589,710 Shares in Cirrus Logic, Inc. (NASDAQ:CRUS) Bought by Norges Bank

Norges Bank acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 589,710 shares of the semiconductor company's stock, valued at approximately $58,723,000. Norges Bank owned 1.11% of Cirrus Logic at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRUS. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Cirrus Logic by 6.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,928 shares of the semiconductor company's stock valued at $1,482,000 after purchasing an additional 686 shares during the period. Captrust Financial Advisors grew its position in shares of Cirrus Logic by 5.3% in the 3rd quarter. Captrust Financial Advisors now owns 2,838 shares of the semiconductor company's stock worth $353,000 after buying an additional 142 shares during the last quarter. Verition Fund Management LLC increased its stake in shares of Cirrus Logic by 1,225.0% during the third quarter. Verition Fund Management LLC now owns 21,333 shares of the semiconductor company's stock valued at $2,650,000 after buying an additional 19,723 shares during the period. Petrus Trust Company LTA bought a new position in shares of Cirrus Logic during the third quarter valued at approximately $606,000. Finally, Redwood Investment Management LLC raised its holdings in shares of Cirrus Logic by 4.1% during the third quarter. Redwood Investment Management LLC now owns 11,262 shares of the semiconductor company's stock valued at $1,369,000 after acquiring an additional 444 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

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Cirrus Logic Price Performance

NASDAQ CRUS traded down $5.50 during trading hours on Tuesday, reaching $77.43. 960,299 shares of the company's stock traded hands, compared to its average volume of 605,574. The firm has a market cap of $4.12 billion, a PE ratio of 14.05 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. The firm has a 50-day simple moving average of $101.58 and a 200 day simple moving average of $106.15.

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 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%. Sell-side analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Insider Transactions at Cirrus Logic

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CRUS shares. Benchmark reissued a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. Barclays boosted their price target on shares of Cirrus Logic from $105.00 to $115.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Cirrus Logic presently has an average rating of "Moderate Buy" and an average target price of $132.86.

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.