Concentric Capital Strategies LP Takes Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Concentric Capital Strategies LP bought a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 25,963 shares of the semiconductor company's stock, valued at approximately $3,225,000.

Other hedge funds also recently bought and sold shares of the company. Stonegate Investment Group LLC boosted its holdings in Cirrus Logic by 5.3% during the 3rd quarter. Stonegate Investment Group LLC now owns 1,776 shares of the semiconductor company's stock valued at $221,000 after acquiring an additional 90 shares during the period. Atria Investments Inc boosted its stake in shares of Cirrus Logic by 2.9% in the third quarter. Atria Investments Inc now owns 3,596 shares of the semiconductor company's stock valued at $447,000 after purchasing an additional 101 shares during the period. Profund Advisors LLC grew its holdings in shares of Cirrus Logic by 2.0% in the second quarter. Profund Advisors LLC now owns 5,271 shares of the semiconductor company's stock valued at $673,000 after purchasing an additional 103 shares in the last quarter. Arkadios Wealth Advisors increased its stake in Cirrus Logic by 2.8% during the 2nd quarter. Arkadios Wealth Advisors now owns 4,413 shares of the semiconductor company's stock worth $563,000 after buying an additional 119 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in Cirrus Logic by 98.4% during the 3rd 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. Hedge funds and other institutional investors own 87.96% of the company's stock.

Cirrus Logic Stock Down 1.9 %

CRUS traded down $2.02 on Tuesday, reaching $105.82. The company's stock had a trading volume of 442,865 shares, compared to its average volume of 518,914. The company has a market capitalization of $5.62 billion, a price-to-earnings ratio of 18.03 and a beta of 0.93. Cirrus Logic, Inc. has a fifty-two week low of $75.57 and a fifty-two week high of $147.46. The stock has a 50 day moving average of $113.57 and a two-hundred day moving average of $123.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.23. Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. The business had revenue of $541.90 million during the quarter, compared to analysts' expectations of $520.53 million. During the same quarter in the prior year, the business posted $1.43 EPS. The company's revenue for the quarter was up 12.6% on a year-over-year basis. As a group, analysts anticipate that Cirrus Logic, Inc. will post 5.21 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on CRUS shares. Stifel Nicolaus dropped their price target on shares of Cirrus Logic from $165.00 to $140.00 and set a "buy" rating for the company in a research note on Tuesday, November 5th. Barclays cut their price target on Cirrus Logic from $120.00 to $105.00 and set an "equal weight" rating on the stock in a report on Tuesday, November 5th. Loop Capital assumed coverage on Cirrus Logic in a research report on Tuesday, November 12th. They issued a "buy" rating and a $130.00 price target on the stock. KeyCorp boosted their price objective on Cirrus Logic from $155.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 7th. Finally, Susquehanna raised their target price on shares of Cirrus Logic from $135.00 to $140.00 and gave the company a "positive" rating in a report on Monday, November 18th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $132.50.

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.