Wealthfront Advisers LLC Invests $7.24 Million in Cirrus Logic, Inc. (NASDAQ:CRUS)

Wealthfront Advisers LLC acquired a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 72,713 shares of the semiconductor company's stock, valued at approximately $7,241,000. Wealthfront Advisers LLC owned about 0.14% of Cirrus Logic at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in Cirrus Logic by 21.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company's stock worth $89,527,000 after acquiring an additional 129,457 shares during the last quarter. Geode Capital Management LLC increased its stake in Cirrus Logic by 4.7% during the third quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company's stock worth $141,414,000 after acquiring an additional 50,582 shares during the last quarter. JPMorgan Chase & Co. increased its stake in 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 acquiring an additional 69,006 shares during the last quarter. Sheaff Brock Investment Advisors LLC bought a new stake in Cirrus Logic during the third quarter worth approximately $1,752,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Cirrus Logic during the third quarter valued at approximately $2,543,000. 87.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CRUS has been the subject of several recent analyst reports. Barclays boosted their target price on Cirrus Logic from $105.00 to $115.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. StockNews.com upgraded Cirrus Logic from a "hold" rating to a "buy" rating in a research report on Tuesday, December 3rd. Susquehanna boosted their target price on Cirrus Logic from $135.00 to $140.00 and gave the company a "positive" rating in a research report on Monday, November 18th. Finally, Benchmark upgraded Cirrus Logic from a "hold" rating to a "buy" rating and set a $125.00 target price for the company in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $132.86.

Remove Ads

Cirrus Logic Trading Up 0.5 %

Shares of NASDAQ CRUS traded up $0.45 during trading hours on Thursday, reaching $98.34. The stock had a trading volume of 552,298 shares, compared to its average volume of 567,782. The firm has a market cap of $5.23 billion, a price-to-earnings ratio of 17.85 and a beta of 0.89. The business's fifty day moving average price is $103.74 and its two-hundred day moving average price is $111.60. Cirrus Logic, Inc. has a 52-week low of $81.30 and a 52-week high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results 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 return on equity of 16.60% and a net margin of 16.55%. Equities research analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

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.