BNP Paribas Financial Markets Grows Position in Cirrus Logic, Inc. $CRUS

Key Points

• BNP Paribas Financial Markets increased its Cirrus Logic stake by 79.3% in the fourth quarter, buying an additional 39,093 shares and bringing its total holdings to 88,395 shares worth about $10.5 million.
• Cirrus Logic’s latest quarterly results beat expectations, with earnings of $1.95 per share versus the $1.76 consensus and revenue of $448.5 million, up 5.7% year over year.
• Analyst sentiment remains generally positive, with several firms raising targets or ratings; the stock currently carries a Moderate Buy consensus and an average price target of $161.71.

BNP Paribas Financial Markets raised its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 79.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,395 shares of the semiconductor company's stock after purchasing an additional 39,093 shares during the quarter. BNP Paribas Financial Markets owned 0.17% of Cirrus Logic worth $10,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Cirrus Logic by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company's stock worth $829,724,000 after acquiring an additional 268,560 shares during the period. LSV Asset Management boosted its stake in Cirrus Logic by 1.0% in the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company's stock worth $279,215,000 after purchasing an additional 23,703 shares during the period. Earnest Partners LLC boosted its stake in Cirrus Logic by 0.8% in the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company's stock worth $168,980,000 after purchasing an additional 10,750 shares during the period. Sei Investments Co. boosted its stake in Cirrus Logic by 2.2% in the 3rd quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company's stock worth $116,140,000 after purchasing an additional 20,381 shares during the period. Finally, Royce & Associates LP boosted its stake in Cirrus Logic by 5.1% in the 3rd quarter. Royce & Associates LP now owns 713,999 shares of the semiconductor company's stock worth $89,457,000 after purchasing an additional 34,839 shares during the period. Institutional investors own 87.96% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on CRUS. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research note on Thursday, May 7th. Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Jefferies Financial Group upgraded Cirrus Logic to a "buy" rating in a research note on Thursday. Zacks Research downgraded Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Finally, KeyCorp raised their price target on Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $161.71.

Cirrus Logic Trading Up 0.8%

Shares of NASDAQ CRUS opened at $165.66 on Tuesday. The stock has a market cap of $8.36 billion, a price-to-earnings ratio of 21.13 and a beta of 1.15. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42. The stock's 50-day moving average is $163.73 and its 200 day moving average is $141.53.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating analysts' consensus estimates of $1.76 by $0.19. The company had revenue of $448.52 million for the quarter, compared to analysts' expectations of $442.26 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.Cirrus Logic's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period last year, the firm posted $1.67 EPS. On average, analysts forecast that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, CEO John Forsyth sold 5,000 shares of Cirrus Logic stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.41, for a total value of $852,050.00. Following the transaction, the chief executive officer directly owned 70,016 shares of the company's stock, valued at $11,931,426.56. The trade was a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total value of $333,000.00. Following the completion of the transaction, the executive vice president directly owned 4,537 shares in the company, valued at $755,410.50. This trade represents a 30.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 23,149 shares of company stock worth $3,828,401 in the last quarter. 1.20% of the stock is owned by company insiders.

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.

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