E. Ohman J or Asset Management AB Boosts Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

E. Ohman J or Asset Management AB raised its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 34.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,720 shares of the semiconductor company's stock after buying 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 and other institutional investors also recently added to or reduced their stakes in the business. Merit Financial Group LLC purchased a new stake in Cirrus Logic in the 1st quarter valued at about $424,000. Rhumbline Advisers grew its holdings in Cirrus Logic by 0.7% in the 1st quarter. Rhumbline Advisers now owns 143,886 shares of the semiconductor company's stock valued at $14,339,000 after buying an additional 996 shares during the period. Somerset Trust Co purchased a new stake in Cirrus Logic in the 1st quarter valued at about $317,000. Private Client Services LLC purchased a new stake in Cirrus Logic in the 1st quarter valued at about $909,000. Finally, Parallel Advisors LLC grew its holdings in Cirrus Logic by 24.5% in the 1st quarter. Parallel Advisors LLC now owns 1,330 shares of the semiconductor company's stock valued at $133,000 after buying an additional 262 shares during the period. Hedge funds and other institutional investors own 87.96% of the company's stock.

Insiders Place Their Bets

In other news, 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 value of $1,000,000.00. Following the completion of the sale, the executive vice president now directly owns 14,001 shares in the company, valued at approximately $1,400,100. The trade was a 41.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total value of $105,620.00. Following the completion of the sale, the director now owns 20,907 shares of the company's stock, valued at $2,208,197.34. This trade represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,000 shares of company stock worth $1,305,620 in the last three months. 1.02% of the stock is owned by insiders.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $101.04 on Friday. The stock's 50 day moving average price is $95.16 and its 200 day moving average price is $100.51. The firm has a market capitalization of $5.21 billion, a PE ratio of 18.34 and a beta of 0.93. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. During the same period in the previous year, the business earned $1.24 EPS. Cirrus Logic's revenue for the quarter was up 14.2% compared to the same quarter last year. On average, analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic announced that its Board of Directors has authorized a share buyback plan on Tuesday, May 6th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to purchase up to 9.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Benchmark reaffirmed a "buy" rating and issued a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a research note on Wednesday, May 7th. Wall Street Zen lowered Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Thursday. Finally, Barclays lifted their price objective on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $128.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.