OP Asset Management Ltd Makes New Investment in Cirrus Logic, Inc. $CRUS

OP Asset Management Ltd bought a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 28,409 shares of the semiconductor company’s stock, valued at approximately $4,109,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Assenagon Asset Management S.A. lifted its stake in shares of Cirrus Logic by 7.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 155,425 shares of the semiconductor company’s stock worth $22,478,000 after purchasing an additional 11,286 shares during the last quarter. SG Americas Securities LLC raised its holdings in Cirrus Logic by 254.7% in the first quarter. SG Americas Securities LLC now owns 70,190 shares of the semiconductor company’s stock worth $10,151,000 after purchasing an additional 50,402 shares in the last quarter. Evolve Private Wealth LLC raised its holdings in Cirrus Logic by 7.5% in the first quarter. Evolve Private Wealth LLC now owns 6,913 shares of the semiconductor company’s stock worth $1,000,000 after purchasing an additional 484 shares in the last quarter. Triad Wealth Partners LLC lifted its position in shares of Cirrus Logic by 6.6% during the first quarter. Triad Wealth Partners LLC now owns 5,500 shares of the semiconductor company’s stock valued at $795,000 after buying an additional 341 shares during the last quarter. Finally, E. Ohman J or Asset Management AB lifted its position in shares of Cirrus Logic by 8.8% during the first quarter. E. Ohman J or Asset Management AB now owns 26,212 shares of the semiconductor company’s stock valued at $3,791,000 after buying an additional 2,128 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, CEO John Forsyth sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.41, for a total transaction of $852,050.00. Following the transaction, the chief executive officer owned 70,016 shares in the company, valued at approximately $11,931,426.56. This represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alexander M. Davern sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the transaction, the director directly owned 20,531 shares of the company’s stock, valued at approximately $3,264,429. This represents a 4.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 24,319 shares of company stock worth $4,025,230 in the last three months. 1.20% of the stock is owned by company insiders.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $146.50 on Friday. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $180.42. The firm has a market capitalization of $7.39 billion, a price-to-earnings ratio of 18.69 and a beta of 1.15. The stock’s 50-day simple moving average is $166.33 and its 200-day simple moving average is $145.41.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating the consensus estimate of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.25 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. Cirrus Logic’s revenue was up 5.7% on a year-over-year basis. During the same period last year, the firm posted $1.67 EPS. As a group, equities analysts forecast that Cirrus Logic, Inc. will post 8.05 earnings per share for the current year.

Analyst Ratings Changes

CRUS has been the topic of a number of analyst reports. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. KeyCorp increased their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a report on Thursday, May 7th. Finally, Barclays upped their price target on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $161.71.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.