ING Groep NV Purchases New Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

ING Groep NV acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 26,600 shares of the semiconductor company’s stock, valued at approximately $2,649,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pacer Advisors Inc. grew its position in shares of Cirrus Logic by 44.0% in the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock valued at $126,247,000 after purchasing an additional 387,346 shares in the last quarter. FMR LLC increased its position in shares of Cirrus Logic by 6.3% during the third quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company’s stock valued at $456,862,000 after buying an additional 217,404 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Cirrus Logic by 443.5% in 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 in the last quarter. Burney Co. boosted its position in shares of Cirrus Logic by 1,205.3% in the fourth quarter. Burney Co. now owns 154,247 shares of the semiconductor company’s stock valued at $15,360,000 after acquiring an additional 142,430 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec bought a new position in shares of Cirrus Logic in the third quarter valued at approximately $16,340,000. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Down 2.0 %

Shares of CRUS stock opened at $109.07 on Friday. The business has a 50-day moving average price of $103.00 and a two-hundred day moving average price of $114.58. Cirrus Logic, Inc. has a 12-month low of $81.30 and a 12-month high of $147.46. The firm has a market cap of $5.80 billion, a P/E ratio of 19.79 and a beta of 0.91.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.21). Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. As a group, research analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Insider Activity

In other news, EVP Jeffrey W. Baumgartner sold 2,051 shares of Cirrus Logic stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $100.00, for a total value of $205,100.00. Following the transaction, the executive vice president now owns 8,330 shares in the company, valued at approximately $833,000. The trade was a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.02% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on CRUS shares. Susquehanna increased their target price on shares of Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a research note on Monday, November 18th. Loop Capital initiated coverage on Cirrus Logic in a research report on Tuesday, November 12th. They issued a “buy” rating and a $130.00 price objective on the stock. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Benchmark raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $125.00 price target on the stock in a report on Wednesday, February 5th. Finally, Stifel Nicolaus cut their price objective on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $132.86.

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.