E. Ohman J or Asset Management AB Has $2.56 Million Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

E. Ohman J or Asset Management AB increased its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 34.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,720 shares of the semiconductor company's stock after acquiring an additional 6,629 shares during the quarter. E. Ohman J or Asset Management AB's holdings in Cirrus Logic were worth $2,563,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its holdings in shares of Cirrus Logic by 8.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 2,992 shares of the semiconductor company's stock worth $298,000 after acquiring an additional 221 shares in the last quarter. Meritage Portfolio Management increased its stake in Cirrus Logic by 12.2% during the 4th quarter. Meritage Portfolio Management now owns 3,971 shares of the semiconductor company's stock worth $395,000 after purchasing an additional 433 shares in the last quarter. Empowered Funds LLC acquired a new stake in Cirrus Logic during the 4th quarter worth approximately $300,000. Quent Capital LLC lifted its position in Cirrus Logic by 167.2% in the 4th quarter. Quent Capital LLC now owns 473 shares of the semiconductor company's stock valued at $47,000 after acquiring an additional 296 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Cirrus Logic by 443.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 218,709 shares of the semiconductor company's stock worth $21,742,000 after buying an additional 178,469 shares during the last quarter. Institutional investors own 87.96% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on CRUS shares. Benchmark reaffirmed a "buy" rating and set a $125.00 price target on shares of Cirrus Logic in a report on Wednesday, March 19th. Wall Street Zen cut Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Thursday, June 5th. Barclays increased their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Finally, Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $128.33.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total transaction of $105,620.00. Following the completion of the sale, the director now owns 20,907 shares of the company's stock, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the executive vice president now owns 14,001 shares in the company, valued at $1,400,100. This trade represents a 41.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock worth $1,305,620 over the last ninety days. 1.02% of the stock is owned by insiders.

Cirrus Logic Stock Up 2.4%

Shares of CRUS stock traded up $2.43 during trading hours on Tuesday, hitting $105.25. 430,110 shares of the company's stock traded hands, compared to its average volume of 638,111. The stock has a market cap of $5.40 billion, a PE ratio of 19.10 and a beta of 0.93. The stock's 50 day simple moving average is $95.58 and its 200 day simple moving average is $100.52. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The business had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. During the same period last year, the company earned $1.24 EPS. Cirrus Logic's revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, equities research analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

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.