Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp grew its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 7.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,195 shares of the semiconductor company’s stock after purchasing an additional 1,686 shares during the quarter. Fifth Third Bancorp’s holdings in Cirrus Logic were worth $1,930,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Covington Capital Management grew its position in shares of Cirrus Logic by 100.0% in the third quarter. Covington Capital Management now owns 400 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 200 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Cirrus Logic by 71.1% in the third quarter. Nisa Investment Advisors LLC now owns 722 shares of the semiconductor company’s stock valued at $53,000 after purchasing an additional 300 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of Cirrus Logic in the third quarter valued at about $62,000. NewEdge Advisors LLC lifted its stake in shares of Cirrus Logic by 1,872.0% in the first quarter. NewEdge Advisors LLC now owns 986 shares of the semiconductor company’s stock worth $108,000 after buying an additional 936 shares in the last quarter. Finally, Covestor Ltd lifted its stake in shares of Cirrus Logic by 66.9% in the first quarter. Covestor Ltd now owns 1,078 shares of the semiconductor company’s stock worth $91,000 after buying an additional 432 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $91.65 on Thursday. The firm’s 50-day moving average is $88.98 and its two-hundred day moving average is $80.37. Cirrus Logic, Inc. has a 12 month low of $65.02 and a 12 month high of $107.74. The company has a market capitalization of $4.94 billion, a PE ratio of 29.10, a price-to-earnings-growth ratio of 16.32 and a beta of 1.00.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.83. The business had revenue of $618.98 million for the quarter, compared to the consensus estimate of $539.55 million. Cirrus Logic had a net margin of 9.84% and a return on equity of 16.13%. Sell-side analysts forecast that Cirrus Logic, Inc. will post 4.79 EPS for the current year.

Insider Activity

In other news, CFO Venkatesh Nathamuni sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. Following the sale, the chief financial officer now directly owns 1,587 shares of the company’s stock, valued at approximately $150,765. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Venkatesh Nathamuni sold 1,000 shares of Cirrus Logic stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. Following the completion of the transaction, the chief financial officer now owns 1,587 shares in the company, valued at $150,765. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Justin E. Dougherty sold 3,280 shares of Cirrus Logic stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $91.40, for a total transaction of $299,792.00. Following the completion of the transaction, the senior vice president now owns 6,000 shares of the company’s stock, valued at approximately $548,400. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,530 shares of company stock valued at $700,292. Company insiders own 0.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CRUS. Barclays raised their price target on shares of Cirrus Logic from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 16th. Susquehanna raised their price target on shares of Cirrus Logic from $85.00 to $100.00 and gave the stock a “positive” rating in a research note on Wednesday, February 7th. Stifel Nicolaus raised their price target on shares of Cirrus Logic from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. TD Cowen raised their price target on shares of Cirrus Logic from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Finally, TheStreet raised shares of Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $96.43.

About Cirrus Logic

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 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 digital signal processing; boosted amplifiers; 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.