Skandinaviska Enskilda Banken AB publ Buys New Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Skandinaviska Enskilda Banken AB publ bought a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 5,735 shares of the semiconductor company’s stock, valued at approximately $732,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Arkadios Wealth Advisors increased its holdings in Cirrus Logic by 2.8% in the 2nd quarter. Arkadios Wealth Advisors now owns 4,413 shares of the semiconductor company’s stock valued at $563,000 after purchasing an additional 119 shares during the last quarter. Oak Associates Ltd. OH increased its holdings in Cirrus Logic by 0.4% in the 2nd quarter. Oak Associates Ltd. OH now owns 34,176 shares of the semiconductor company’s stock valued at $4,363,000 after purchasing an additional 134 shares during the last quarter. Signaturefd LLC increased its holdings in Cirrus Logic by 19.5% in the 2nd quarter. Signaturefd LLC now owns 999 shares of the semiconductor company’s stock valued at $128,000 after purchasing an additional 163 shares during the last quarter. Heron Bay Capital Management grew its stake in shares of Cirrus Logic by 1.6% in the first quarter. Heron Bay Capital Management now owns 10,672 shares of the semiconductor company’s stock worth $988,000 after acquiring an additional 169 shares in the last quarter. Finally, Atlas Capital Advisors LLC grew its stake in shares of Cirrus Logic by 103.0% in the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 204 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Insider Activity

In other news, SVP Justin E. Dougherty sold 10,203 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $131.71, for a total value of $1,343,837.13. Following the completion of the sale, the senior vice president now directly owns 4,838 shares of the company’s stock, valued at $637,212.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Andrew Brannan sold 4,350 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total transaction of $591,774.00. Following the transaction, the vice president now directly owns 4,004 shares in the company, valued at $544,704.16. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the transaction, the senior vice president now owns 4,838 shares in the company, valued at $637,212.98. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.

Cirrus Logic Price Performance

Shares of CRUS opened at $124.33 on Tuesday. Cirrus Logic, Inc. has a 1-year low of $65.02 and a 1-year high of $147.46. The stock has a market cap of $6.65 billion, a PE ratio of 25.22 and a beta of 0.97. The firm has a fifty day moving average price of $133.60 and a 200 day moving average price of $115.79.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.50. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The business had revenue of $374.03 million during the quarter, compared to analysts’ expectations of $318.41 million. During the same period in the prior year, the company earned $0.35 earnings per share. The business’s revenue was up 18.0% compared to the same quarter last year. As a group, equities analysts expect that Cirrus Logic, Inc. will post 5.35 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on CRUS shares. Stifel Nicolaus boosted their price target on shares of Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Susquehanna lifted their price objective on shares of Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. StockNews.com cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 15th. KeyCorp lifted their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Finally, Barclays lifted their price objective on shares of Cirrus Logic from $110.00 to $140.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.33.

Cirrus Logic Profile

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.