Fifth Third Bancorp Sells 5,653 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Fifth Third Bancorp cut its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 21.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,230 shares of the semiconductor company's stock after selling 5,653 shares during the period. Fifth Third Bancorp's holdings in Cirrus Logic were worth $2,015,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. FMR LLC raised its holdings in shares of Cirrus Logic by 6.3% during the third quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company's stock valued at $456,862,000 after acquiring an additional 217,404 shares during the period. Pacer Advisors Inc. increased its stake in Cirrus Logic by 32.3% in the 3rd quarter. Pacer Advisors Inc. now owns 880,446 shares of the semiconductor company's stock valued at $109,360,000 after buying an additional 215,126 shares during the period. Burney Co. increased its stake in Cirrus Logic by 1,205.3% in the 4th quarter. Burney Co. now owns 154,247 shares of the semiconductor company's stock valued at $15,360,000 after buying an additional 142,430 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new position in Cirrus Logic in the 3rd quarter valued at approximately $16,340,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Cirrus Logic by 21.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company's stock valued at $89,527,000 after buying an additional 129,457 shares during the period. 87.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on CRUS shares. Stifel Nicolaus decreased their target price on shares of Cirrus Logic from $165.00 to $140.00 and set a "buy" rating for the company in a research report on Tuesday, November 5th. Barclays decreased their price objective on shares of Cirrus Logic from $120.00 to $105.00 and set an "equal weight" rating for the company in a report on Tuesday, November 5th. Loop Capital began coverage on shares of Cirrus Logic in a report on Tuesday, November 12th. They set a "buy" rating and a $130.00 price objective for the company. Susquehanna upped their price objective on shares of Cirrus Logic from $135.00 to $140.00 and gave the stock a "positive" rating in a report on Monday, November 18th. Finally, StockNews.com raised shares of Cirrus Logic from a "hold" rating to a "buy" rating in a report on Tuesday, December 3rd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Cirrus Logic currently has a consensus rating of "Moderate Buy" and an average target price of $132.50.

Cirrus Logic Stock Performance

Shares of CRUS stock traded up $1.15 during mid-day trading on Friday, reaching $100.44. The company's stock had a trading volume of 901,655 shares, compared to its average volume of 648,035. Cirrus Logic, Inc. has a 1-year low of $75.92 and a 1-year high of $147.46. The company has a market cap of $5.34 billion, a P/E ratio of 17.02 and a beta of 0.92. The firm's 50-day moving average is $102.83 and its two-hundred day moving average is $117.33.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.02 by $0.23. The business had revenue of $541.90 million during 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%. The firm's revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter last year, the company posted $1.43 EPS. Sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.21 EPS for the current 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.