Petrus Trust Company LTA Acquires New Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Petrus Trust Company LTA bought a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 4,878 shares of the semiconductor company's stock, valued at approximately $606,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Miura Global Management LLC purchased a new stake in Cirrus Logic during the 3rd quarter valued at $621,000. Harber Asset Management LLC raised its holdings in Cirrus Logic by 4.0% during the 3rd quarter. Harber Asset Management LLC now owns 55,455 shares of the semiconductor company's stock valued at $6,888,000 after buying an additional 2,142 shares during the period. Concentric Capital Strategies LP purchased a new stake in Cirrus Logic during the 3rd quarter valued at $3,225,000. Paloma Partners Management Co raised its holdings in Cirrus Logic by 6.5% during the 3rd quarter. Paloma Partners Management Co now owns 4,258 shares of the semiconductor company's stock valued at $529,000 after buying an additional 258 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new stake in Cirrus Logic during the 3rd quarter valued at $16,340,000. 87.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CRUS shares. KeyCorp increased their price target on Cirrus Logic from $155.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, August 7th. Stifel Nicolaus decreased their price target on Cirrus Logic from $165.00 to $140.00 and set a "buy" rating on the stock in a report on Tuesday, November 5th. Loop Capital initiated coverage on Cirrus Logic in a report on Tuesday, November 12th. They set a "buy" rating and a $130.00 price target on the stock. Barclays reduced their target price 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. Finally, StockNews.com upgraded Cirrus Logic from a "hold" rating to a "buy" rating in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $132.50.

Cirrus Logic Stock Performance

CRUS stock traded up $0.26 during trading on Thursday, reaching $103.96. 736,297 shares of the company traded hands, compared to its average volume of 522,409. Cirrus Logic, Inc. has a 12 month low of $75.92 and a 12 month high of $147.46. The business has a 50 day simple moving average of $112.90 and a 200 day simple moving average of $123.25. The company has a market capitalization of $5.52 billion, a price-to-earnings ratio of 17.62 and a beta of 0.93.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The semiconductor company reported $2.25 earnings per share for the quarter, beating analysts' consensus estimates of $2.02 by $0.23. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The company had revenue of $541.90 million for the quarter, compared to the consensus estimate of $520.53 million. During the same quarter last year, the company earned $1.43 earnings per share. The firm's revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, research analysts forecast 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.