Norges Bank Makes New $69.67 Million Investment in Cirrus Logic, Inc. $CRUS

Norges Bank acquired a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 587,966 shares of the semiconductor company’s stock, valued at approximately $69,674,000. Norges Bank owned about 1.15% of Cirrus Logic at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CRUS. Kohmann Bosshard Financial Services LLC bought a new stake in Cirrus Logic during the fourth quarter worth about $33,000. Torren Management LLC bought a new stake in Cirrus Logic during the fourth quarter worth about $35,000. Abich Financial Wealth Management LLC bought a new stake in Cirrus Logic during the third quarter worth about $46,000. Geneos Wealth Management Inc. grew its stake in Cirrus Logic by 95.1% during the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after buying an additional 232 shares during the last quarter. Finally, Rothschild Investment LLC bought a new stake in Cirrus Logic during the third quarter worth about $48,000. 87.96% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Jeffrey W. Baumgartner sold 3,907 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total value of $658,485.78. Following the transaction, the executive vice president directly owned 17,575 shares in the company, valued at $2,962,090.50. This represents a 18.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the transaction, the director owned 20,531 shares in the company, valued at $3,264,429. This represents a 4.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,149 shares of company stock valued at $3,828,401 over the last three months. 1.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on CRUS shares. Barclays upped their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. KeyCorp upped their price objective on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research note on Thursday. Finally, Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Cirrus Logic has an average rating of “Moderate Buy” and a consensus price target of $161.71.

Cirrus Logic Price Performance

CRUS opened at $164.40 on Friday. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42. The company’s 50 day simple moving average is $163.40 and its 200-day simple moving average is $140.99. The stock has a market capitalization of $8.29 billion, a P/E ratio of 20.97 and a beta of 1.15.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.26 million. During the same period in the prior year, the firm earned $1.67 earnings per share. Cirrus Logic’s revenue was up 5.7% compared to the same quarter last year. As a group, analysts anticipate that Cirrus Logic, Inc. will post 8.05 EPS for the current year.

Cirrus Logic Profile

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.