Franklin Resources Inc. Buys 62,757 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Franklin Resources Inc. boosted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 60.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 167,258 shares of the semiconductor company's stock after acquiring an additional 62,757 shares during the period. Franklin Resources Inc. owned 0.31% of Cirrus Logic worth $20,625,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Tidal Investments LLC increased its position in shares of Cirrus Logic by 118.7% during the third quarter. Tidal Investments LLC now owns 14,767 shares of the semiconductor company's stock valued at $1,834,000 after buying an additional 8,016 shares during the period. Sanctuary Advisors LLC boosted its position in Cirrus Logic by 50.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,850 shares of the semiconductor company's stock valued at $1,472,000 after acquiring an additional 3,948 shares in the last quarter. Westside Investment Management Inc. purchased a new position in shares of Cirrus Logic during the 3rd quarter worth approximately $35,000. Virtu Financial LLC bought a new position in shares of Cirrus Logic in the 3rd quarter worth approximately $941,000. Finally, TD Private Client Wealth LLC lifted its stake in shares of Cirrus Logic by 29.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 2,220 shares of the semiconductor company's stock valued at $276,000 after purchasing an additional 502 shares during the period. 87.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on CRUS. Stifel Nicolaus reduced their price target on Cirrus Logic from $165.00 to $140.00 and set a "buy" rating on the stock in a research note on Tuesday, November 5th. Barclays reduced 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 report on Tuesday, November 5th. Susquehanna lifted their price target on shares of Cirrus Logic from $135.00 to $140.00 and gave the company a "positive" rating in a research report on Monday, November 18th. StockNews.com upgraded shares of Cirrus Logic from a "hold" rating to a "buy" rating in a report on Tuesday, December 3rd. Finally, 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 target price for the company. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $132.50.

Cirrus Logic Stock Up 0.4 %

Shares of NASDAQ CRUS traded up $0.40 during midday trading on Friday, hitting $100.56. The stock had a trading volume of 2,122,110 shares, compared to its average volume of 530,772. The business's 50 day moving average is $109.42 and its 200-day moving average is $122.42. Cirrus Logic, Inc. has a 52 week low of $75.92 and a 52 week high of $147.46. The company has a market cap of $5.34 billion, a P/E ratio of 17.04 and a beta of 0.93.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings data 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 business had revenue of $541.90 million for the quarter, compared to analysts' expectations of $520.53 million. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The firm's quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.43 EPS. As a group, analysts expect 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.