Soros Takes Stake in iPod Chip Maker Cirrus Logic

A filing with the SEC after the bell Wednesday by Soros Fund Management, founded by billionaire investor and philanthropist George Soros, details that the fund took a 5.18% stake in chip maker Cirrus Logic (CRUS) this month; the prices for the 4.6 million shares would have been around $4.76 per share, the closing price of CRUS on the 14th of December, the date of the filing. Cirrus shares are up over 5% today at $5.30.

Cirrus competes with British firm Wolfson Microelectronics plc (WLF.L) in making audio chips for portable electronics such as as Apple’s iPod (AAPL).

And you know who looks smart today? Jefferies & Co. analyst Adam Benjamin, who on Dec. 18 upgraded the stock to Buy from Hold, saying the forward P/E of 15x was too low. Hmm, did Benjamin know something else on Dec. 18? I doubt it. Nah, probably not, but you never know.