Polymer Capital Management US LLC Acquires Shares of 2,371 Cirrus Logic, Inc. (NASDAQ:CRUS)

Polymer Capital Management US LLC purchased a new position in Cirrus Logic, Inc. (NASDAQ:CRUS) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,371 shares of the semiconductor company’s stock, valued at approximately $236,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its position in Cirrus Logic by 4.1% during the fourth quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company’s stock worth $163,639,000 after buying an additional 65,441 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Cirrus Logic by 44.0% during the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock valued at $126,247,000 after acquiring an additional 387,346 shares during the period. Geode Capital Management LLC boosted its stake in shares of Cirrus Logic by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 1,171,483 shares of the semiconductor company’s stock valued at $116,684,000 after purchasing an additional 33,204 shares during the period. Allianz Asset Management GmbH boosted its position in Cirrus Logic by 137.2% in the 4th 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. boosted its holdings in Cirrus Logic by 8.4% in the fourth quarter. Sei Investments Co. now owns 830,180 shares of the semiconductor company’s stock valued at $82,672,000 after purchasing an additional 64,222 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Analyst Ratings Changes

CRUS has been the subject of several analyst reports. Benchmark reiterated a “buy” rating and set a $125.00 price target on shares of Cirrus Logic in a report on Wednesday, March 19th. Barclays upped 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 equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $132.86.

Cirrus Logic Stock Down 0.4 %

Shares of NASDAQ:CRUS opened at $82.93 on Tuesday. Cirrus Logic, Inc. has a 52 week low of $78.50 and a 52 week high of $147.46. The company has a market cap of $4.41 billion, a P/E ratio of 15.05 and a beta of 0.95. The company has a 50-day moving average price of $102.47 and a 200 day moving average price of $106.68.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data 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%. Analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Insider Activity

In other news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total value of $205,100.00. Following the completion of the transaction, the executive vice president now directly owns 8,330 shares of the company’s stock, valued at $833,000. The trade was a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.02% of the company’s stock.

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.