AXQ Capital LP Makes New $753,000 Investment in Cirrus Logic, Inc. (NASDAQ:CRUS)

AXQ Capital LP bought a new position in Cirrus Logic, Inc. (NASDAQ:CRUS) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 7,566 shares of the semiconductor company’s stock, valued at approximately $753,000.

Several other hedge funds also recently bought and sold shares of the company. FMR LLC increased its stake in shares of Cirrus Logic by 6.3% in the third quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company’s stock worth $456,862,000 after buying an additional 217,404 shares during the period. Pacer Advisors Inc. boosted its position in shares of Cirrus Logic by 44.0% during the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock valued at $126,247,000 after purchasing an additional 387,346 shares in the last quarter. Geode Capital Management LLC grew its stake in Cirrus Logic by 4.7% in the third 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 period. Allianz Asset Management GmbH lifted its position in Cirrus Logic by 137.2% during the fourth quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company’s stock valued at $104,049,000 after buying an additional 604,431 shares during the period. Finally, Sei Investments Co. grew its position in shares of Cirrus Logic by 8.4% in the 4th quarter. Sei Investments Co. now owns 830,180 shares of the semiconductor company’s stock worth $82,672,000 after buying an additional 64,222 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Insider Activity

In other news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $100.00, for a total value of $205,100.00. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.02% of the company’s stock.

Cirrus Logic Stock Performance

NASDAQ CRUS opened at $99.79 on Friday. The firm has a 50 day simple moving average of $103.35 and a 200-day simple moving average of $109.70. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of 18.11 and a beta of 0.89. Cirrus Logic, Inc. has a one year low of $81.30 and a one year high of $147.46.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRUS. Benchmark reiterated a “buy” rating and issued a $125.00 price target on shares of Cirrus Logic in a research note on Wednesday. Barclays lifted 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. Finally, StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $132.86.

Cirrus Logic Company 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.