Arbejdsmarkedets Tillaegspension Buys Shares of 185,552 Cirrus Logic, Inc. $CRUS

Key Points

• Arbejdsmarkedets Tillaegspension opened a new position in Cirrus Logic during the fourth quarter, buying 185,552 shares valued at about $21.99 million. The stake represented roughly 0.36% of the semiconductor company.
• Cirrus Logic reported better-than-expected fiscal Q3 results, posting $1.95 EPS versus the $1.76 estimate and revenue of $448.5 million, up 5.7% year over year. Analysts currently expect full-year EPS of 7.97.
• The stock has moved higher, opening at $159.71 with a 52-week range of $92.02 to $179.00. Insider activity was mixed, with CEO John Forsyth and EVP Scott Thomas both selling shares under pre-arranged trading plans.

Arbejdsmarkedets Tillaegspension acquired a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 185,552 shares of the semiconductor company's stock, valued at approximately $21,988,000. Arbejdsmarkedets Tillaegspension owned about 0.36% of Cirrus Logic as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Kendall Capital Management boosted its stake in shares of Cirrus Logic by 0.9% in the 4th quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company's stock worth $1,256,000 after buying an additional 90 shares during the last quarter. EP Wealth Advisors LLC increased its stake in Cirrus Logic by 1.7% in the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company's stock valued at $598,000 after acquiring an additional 95 shares during the last quarter. Fred Alger Management LLC grew its stake in shares of Cirrus Logic by 5.0% during the third quarter. Fred Alger Management LLC now owns 2,552 shares of the semiconductor company's stock valued at $320,000 after buying an additional 122 shares during the last quarter. MML Investors Services LLC boosted its holdings in shares of Cirrus Logic by 2.0% during the second quarter. MML Investors Services LLC now owns 6,625 shares of the semiconductor company's stock worth $691,000 after purchasing an additional 129 shares during the period. Finally, Cardinal Capital Management lifted its holdings in Cirrus Logic by 0.5% in the fourth quarter. Cardinal Capital Management now owns 23,790 shares of the semiconductor company's stock worth $2,819,000 after buying an additional 130 shares during the period. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $159.71 on Friday. The company's 50 day simple moving average is $153.11 and its 200-day simple moving average is $136.32. The company has a market capitalization of $8.15 billion, a price-to-earnings ratio of 20.37 and a beta of 1.16. Cirrus Logic, Inc. has a 1 year low of $92.02 and a 1 year high of $179.00.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping 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 firm had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.26 million. During the same period in the prior year, the firm earned $1.67 EPS. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. Equities analysts expect that Cirrus Logic, Inc. will post 7.97 earnings per share for the current year.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, CEO John Forsyth sold 5,000 shares of the company's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.41, for a total transaction of $852,050.00. Following the completion of the transaction, the chief executive officer owned 70,016 shares in the company, valued at approximately $11,931,426.56. This represents a 6.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Scott Thomas sold 9,942 shares of the stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $160.11, for a total transaction of $1,591,813.62. Following the completion of the transaction, the executive vice president owned 30,393 shares of the company's stock, valued at $4,866,223.23. This represents a 24.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.16% of the company's stock.

Analyst Ratings Changes

CRUS has been the subject of a number of research analyst reports. Benchmark lifted their target price on shares of Cirrus Logic from $150.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday, February 4th. Barclays boosted their price target 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. KeyCorp upped their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a research note on Thursday, May 7th. Finally, Zacks Research cut shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Cirrus Logic presently has a consensus rating of "Moderate Buy" and an average target price of $161.71.

Cirrus Logic Company 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.

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