OP Asset Management Ltd Takes $4.11 Million Position in Cirrus Logic, Inc. $CRUS

OP Asset Management Ltd bought a new position in Cirrus Logic, Inc. (NASDAQ:CRUS) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 28,409 shares of the semiconductor company’s stock, valued at approximately $4,109,000. OP Asset Management Ltd owned about 0.06% of Cirrus Logic at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Cirrus Logic in the 4th quarter worth about $69,674,000. Invesco Ltd. boosted its position in shares of Cirrus Logic by 133.6% during the fourth quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock valued at $76,136,000 after buying an additional 367,488 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in shares of Cirrus Logic by 546.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock valued at $46,005,000 after buying an additional 328,159 shares during the period. Defiance ETFs LLC purchased a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $38,050,000. Finally, Allianz Asset Management GmbH grew its stake in shares of Cirrus Logic by 33.5% during the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock valued at $127,224,000 after buying an additional 269,391 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Insider Buying and Selling at Cirrus Logic

In other news, Director Alexander M. Davern sold 1,000 shares of the 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 transaction, the director owned 20,531 shares of the company’s stock, valued at approximately $3,264,429. This represents a 4.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Thomas sold 9,942 shares of the firm’s stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $160.11, for a total value of $1,591,813.62. Following the transaction, the executive vice president owned 30,393 shares in the company, valued at approximately $4,866,223.23. This represents a 24.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 24,319 shares of company stock worth $4,025,230. Insiders own 1.20% of the company’s stock.

Cirrus Logic Stock Performance

Shares of NASDAQ:CRUS opened at $146.50 on Friday. The firm’s 50 day simple moving average is $166.33 and its 200-day simple moving average is $145.41. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42. The firm has a market cap of $7.39 billion, a PE ratio of 18.69 and a beta of 1.15.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 20.48% and a net margin of 20.75%.Cirrus Logic’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.67 earnings per share. Equities research analysts predict that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CRUS has been the topic of several recent analyst reports. KeyCorp increased their price target on Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a report on Thursday, May 7th. Barclays upped their price objective on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Zacks Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Cirrus Logic presently has an average rating of “Moderate Buy” and an average target price of $161.71.

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.