ING Groep NV Purchases 18,500 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• ING Groep NV increased its Cirrus Logic stake by 54.3% in the fourth quarter, buying 18,500 shares to bring its total holding to 52,600 shares worth about $6.23 million.
• Cirrus Logic reported better-than-expected quarterly earnings, with EPS of $1.95 versus the $1.76 estimate and revenue of $448.52 million, up 5.7% year over year.
• Analyst sentiment remains mostly positive, with several firms raising price targets and Jefferies upgrading the stock to Buy, though the consensus rating is still only Moderate Buy.

ING Groep NV grew its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 54.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,600 shares of the semiconductor company's stock after acquiring an additional 18,500 shares during the quarter. ING Groep NV owned 0.10% of Cirrus Logic worth $6,233,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Cirrus Logic in the fourth quarter valued at $33,000. Torren Management LLC bought a new position in Cirrus Logic in the fourth quarter worth $35,000. Abich Financial Wealth Management LLC bought a new position in Cirrus Logic in the third quarter worth $46,000. Geneos Wealth Management Inc. lifted its position in Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock worth $47,000 after purchasing an additional 232 shares during the period. Finally, Rothschild Investment LLC bought a new position in Cirrus Logic in the third quarter worth $48,000. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Price Performance

CRUS stock opened at $165.66 on Tuesday. The company has a 50 day moving average price of $163.73 and a 200 day moving average price of $141.53. The stock has a market capitalization of $8.36 billion, a PE ratio of 21.13 and a beta of 1.15. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating the consensus estimate of $1.76 by $0.19. The company had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.67 EPS. As a group, equities analysts expect that Cirrus Logic, Inc. will post 8.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related 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 value of $852,050.00. Following the completion of the sale, the chief executive officer owned 70,016 shares in the company, valued at $11,931,426.56. This represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the company's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total transaction of $658,485.78. Following the completion of the sale, the executive vice president owned 17,575 shares of the company's stock, valued at approximately $2,962,090.50. This represents a 18.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 23,149 shares of company stock worth $3,828,401 over the last 90 days. 1.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on CRUS. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a report on Thursday. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a report on Thursday, May 7th. Barclays lifted their price objective on Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a report on Thursday, May 7th. KeyCorp lifted their price objective on Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Finally, Zacks Research downgraded Cirrus Logic from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus 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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