Cornercap Investment Counsel Inc. Sells 6,486 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Cornercap Investment Counsel Inc. lessened its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 50.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,405 shares of the semiconductor company's stock after selling 6,486 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in Cirrus Logic were worth $796,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Huntington National Bank grew its stake in Cirrus Logic by 10,500.0% in the 3rd quarter. Huntington National Bank now owns 212 shares of the semiconductor company's stock worth $26,000 after buying an additional 210 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Cirrus Logic by 98.4% in the third quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company's stock worth $30,000 after acquiring an additional 120 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Cirrus Logic during the 3rd quarter valued at about $31,000. Versant Capital Management Inc grew its position in Cirrus Logic by 1,911.1% during the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company's stock valued at $46,000 after acquiring an additional 344 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Cirrus Logic by 79.5% during the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company's stock worth $61,000 after acquiring an additional 210 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on CRUS shares. Stifel Nicolaus reduced their target price on shares of Cirrus Logic from $165.00 to $140.00 and set a "buy" rating on the stock in a report on Tuesday, November 5th. Barclays reduced their price objective on 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. KeyCorp boosted their target price on Cirrus Logic from $155.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, August 7th. StockNews.com cut Cirrus Logic from a "buy" rating to a "hold" rating in a report on Wednesday, November 6th. Finally, Susquehanna decreased their price target on Cirrus Logic from $160.00 to $135.00 and set a "positive" rating on the stock in a research note on Tuesday, November 5th. Three equities research 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 a consensus rating of "Moderate Buy" and a consensus target price of $131.67.

Cirrus Logic Price Performance

NASDAQ:CRUS traded down $0.83 during trading hours on Friday, hitting $100.67. The company had a trading volume of 796,859 shares, compared to its average volume of 516,020. Cirrus Logic, Inc. has a 52 week low of $74.80 and a 52 week high of $147.46. The company has a market capitalization of $5.35 billion, a PE ratio of 17.06 and a beta of 0.96. The stock has a 50-day moving average price of $118.87 and a 200 day moving average price of $122.64.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly 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. The company had revenue of $541.90 million for the quarter, compared to analysts' expectations of $520.53 million. Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. Cirrus Logic's quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.43 earnings per share. Analysts anticipate that Cirrus Logic, Inc. will post 5.21 EPS for the current fiscal year.

Cirrus Logic Company 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.