Miura Global Management LLC Acquires Shares of 5,000 Cirrus Logic, Inc. (NASDAQ:CRUS)

Miura Global Management LLC purchased a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 5,000 shares of the semiconductor company's stock, valued at approximately $621,000. Cirrus Logic comprises approximately 0.7% of Miura Global Management LLC's investment portfolio, making the stock its 22nd largest holding.

Several other hedge funds also recently modified their holdings of CRUS. Tidal Investments LLC acquired a new position in Cirrus Logic during the 1st quarter worth about $219,000. Comerica Bank boosted its position in shares of Cirrus Logic by 52.7% during the 1st quarter. Comerica Bank now owns 35,067 shares of the semiconductor company's stock valued at $3,246,000 after purchasing an additional 12,101 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Cirrus Logic by 139.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,994 shares of the semiconductor company's stock valued at $182,000 after purchasing an additional 1,162 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Cirrus Logic by 79.5% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company's stock valued at $61,000 after purchasing an additional 210 shares in the last quarter. Finally, CWM LLC boosted its position in shares of Cirrus Logic by 75.1% during the 2nd quarter. CWM LLC now owns 3,640 shares of the semiconductor company's stock valued at $465,000 after purchasing an additional 1,561 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock traded down $2.12 on Wednesday, hitting $103.48. The company had a trading volume of 472,046 shares, compared to its average volume of 520,158. The stock has a market capitalization of $5.50 billion, a price-to-earnings ratio of 17.90 and a beta of 0.93. Cirrus Logic, Inc. has a 1 year low of $75.80 and a 1 year high of $147.46. The stock has a 50 day moving average of $113.22 and a 200-day moving average of $123.39.

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

Analyst Ratings Changes

Several brokerages recently commented on CRUS. StockNews.com upgraded Cirrus Logic from a "hold" rating to a "buy" rating in a research report on Tuesday. Barclays dropped their price target 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. Loop Capital initiated coverage on Cirrus Logic in a research note on Tuesday, November 12th. They set a "buy" rating and a $130.00 price target on the stock. Stifel Nicolaus dropped 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. Finally, Susquehanna upped their price target on Cirrus Logic from $135.00 to $140.00 and gave the stock a "positive" rating in a research note on Monday, November 18th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Cirrus Logic currently has an average rating of "Moderate Buy" and an average price target of $132.50.

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.