Charles Schwab Investment Management Inc. boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 21.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 720,771 shares of the semiconductor company's stock after purchasing an additional 129,457 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.36% of Cirrus Logic worth $89,527,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Huntington National Bank raised its holdings in shares of Cirrus Logic by 10,500.0% in the 3rd quarter. Huntington National Bank now owns 212 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 210 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Cirrus Logic by 98.4% during the third quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company's stock worth $30,000 after buying an additional 120 shares in the last quarter. V Square Quantitative Management LLC bought a new position in Cirrus Logic in the third quarter valued at about $31,000. Versant Capital Management Inc boosted its position in Cirrus Logic by 1,911.1% during the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company's stock worth $46,000 after buying an additional 344 shares during the period. Finally, GAMMA Investing LLC raised its position in Cirrus Logic by 79.5% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company's stock worth $61,000 after purchasing an additional 210 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages have commented on CRUS. Loop Capital began coverage on shares of Cirrus Logic in a research report on Tuesday, November 12th. They set a "buy" rating and a $130.00 price target on the stock. 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 report on Wednesday, August 7th. StockNews.com downgraded Cirrus Logic from a "buy" rating to a "hold" rating in a research report on Wednesday, November 6th. Barclays dropped their target price on shares of Cirrus Logic from $120.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Tuesday, November 5th. Finally, Stifel Nicolaus decreased 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. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $132.50.
Read Our Latest Research Report on CRUS
Cirrus Logic Stock Performance
Shares of Cirrus Logic stock traded down $1.89 during midday trading on Wednesday, hitting $105.52. The company had a trading volume of 357,816 shares, compared to its average volume of 519,230. Cirrus Logic, Inc. has a 52-week low of $74.83 and a 52-week high of $147.46. The company has a 50 day moving average of $115.01 and a 200 day moving average of $123.56. The stock has a market capitalization of $5.61 billion, a P/E ratio of 17.92 and a beta of 0.96.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.23. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The firm had revenue of $541.90 million for the quarter, compared to analysts' expectations of $520.53 million. During the same period in the prior year, the firm earned $1.43 EPS. The company's revenue was up 12.6% compared to the same quarter last year. Equities research analysts forecast that Cirrus Logic, Inc. will post 5.21 EPS for the current year.
Cirrus Logic Profile
(
Free Report)
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.
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