Dark Forest Capital Management LP Buys New Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Dark Forest Capital Management LP bought a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,732 shares of the semiconductor company's stock, valued at approximately $670,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Allianz Asset Management GmbH raised 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 worth $104,049,000 after purchasing an additional 604,431 shares during the period. Norges Bank bought a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $58,723,000. Pacer Advisors Inc. raised its holdings in shares of Cirrus Logic by 44.0% in the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company's stock worth $126,247,000 after buying an additional 387,346 shares during the period. Jupiter Asset Management Ltd. lifted its stake in shares of Cirrus Logic by 7,706.9% during the 4th quarter. Jupiter Asset Management Ltd. now owns 249,977 shares of the semiconductor company's stock worth $24,893,000 after acquiring an additional 246,775 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Cirrus Logic by 443.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 218,709 shares of the semiconductor company's stock valued at $21,742,000 after acquiring an additional 178,469 shares during the period. 87.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CRUS has been the subject of several research analyst reports. Stifel Nicolaus decreased their target price on Cirrus Logic from $140.00 to $112.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Barclays decreased their price objective on shares of Cirrus Logic from $115.00 to $80.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Finally, Benchmark restated a "buy" rating and issued a $125.00 target price on shares of Cirrus Logic in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Cirrus Logic presently has an average rating of "Moderate Buy" and an average price target of $123.86.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS traded up $0.72 during trading hours on Wednesday, hitting $94.27. The company's stock had a trading volume of 141,370 shares, compared to its average volume of 622,641. The firm's fifty day moving average price is $96.09 and its 200 day moving average price is $102.69. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46. The company has a market capitalization of $5.01 billion, a price-to-earnings ratio of 17.08 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued 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%. On average, equities research analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $100.00, for a total transaction of $205,100.00. Following the completion of the sale, the executive vice president now owns 8,330 shares of the company's stock, valued at $833,000. This represents a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.02% of the stock is currently owned by company insiders.

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 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.