Pictet Asset Management Holding SA Purchases 1,062 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Pictet Asset Management Holding SA boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 15.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,807 shares of the semiconductor company’s stock after buying an additional 1,062 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Cirrus Logic were worth $777,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of Cirrus Logic by 4.7% during the third quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company’s stock valued at $141,414,000 after acquiring an additional 50,582 shares during the last quarter. JPMorgan Chase & Co. raised its position in Cirrus Logic by 30.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company’s stock valued at $36,811,000 after purchasing an additional 69,006 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Cirrus Logic in the 3rd quarter worth approximately $2,543,000. Burney Co. grew its position in shares of Cirrus Logic by 1,205.3% in the 4th quarter. Burney Co. now owns 154,247 shares of the semiconductor company’s stock worth $15,360,000 after buying an additional 142,430 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of Cirrus Logic by 52.5% during the fourth quarter. KBC Group NV now owns 1,896 shares of the semiconductor company’s stock valued at $189,000 after buying an additional 653 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

Shares of CRUS opened at $82.93 on Tuesday. Cirrus Logic, Inc. has a fifty-two week low of $78.50 and a fifty-two week high of $147.46. The firm’s 50-day simple moving average is $102.47 and its two-hundred day simple moving average is $106.68. The stock has a market cap of $4.41 billion, a PE ratio of 15.05 and a beta of 0.95.

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

Insider Transactions at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $100.00, for a total transaction of $205,100.00. Following the completion of the sale, the executive vice president now owns 8,330 shares of the company’s stock, valued at $833,000. This trade represents a 19.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.02% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CRUS has been the topic of several recent analyst reports. Barclays lifted their price target on shares of Cirrus Logic from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Benchmark reiterated a “buy” rating and set a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.