Readystate Asset Management LP Cuts Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Readystate Asset Management LP lowered its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 38.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,380 shares of the semiconductor company's stock after selling 7,620 shares during the period. Readystate Asset Management LP's holdings in Cirrus Logic were worth $1,538,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Stonegate Investment Group LLC grew its holdings in Cirrus Logic by 5.3% during the 3rd quarter. Stonegate Investment Group LLC now owns 1,776 shares of the semiconductor company's stock valued at $221,000 after buying an additional 90 shares during the last quarter. Atria Investments Inc grew its holdings in Cirrus Logic by 2.9% during the 3rd quarter. Atria Investments Inc now owns 3,596 shares of the semiconductor company's stock valued at $447,000 after buying an additional 101 shares during the last quarter. Profund Advisors LLC grew its holdings in Cirrus Logic by 2.0% during the 2nd quarter. Profund Advisors LLC now owns 5,271 shares of the semiconductor company's stock valued at $673,000 after buying an additional 103 shares during the last quarter. Arkadios Wealth Advisors grew its holdings in Cirrus Logic by 2.8% during the 2nd quarter. Arkadios Wealth Advisors now owns 4,413 shares of the semiconductor company's stock valued at $563,000 after buying an additional 119 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Cirrus Logic by 98.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company's stock valued at $30,000 after buying an additional 120 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Stock Performance

Shares of CRUS traded down $1.90 during trading hours on Thursday, hitting $103.70. The stock had a trading volume of 700,437 shares, compared to its average volume of 677,677. The firm has a market cap of $5.51 billion, a P/E ratio of 17.58 and a beta of 0.93. The company's fifty day simple moving average is $112.90 and its 200 day simple moving average is $123.25. Cirrus Logic, Inc. has a 12-month low of $75.80 and a 12-month high of $147.46.

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CRUS shares. Barclays lowered their target price on Cirrus Logic from $120.00 to $105.00 and set an "equal weight" rating on the stock in a report on Tuesday, November 5th. Loop Capital started coverage on Cirrus Logic in a report on Tuesday, November 12th. They set a "buy" rating and a $130.00 target price on the stock. StockNews.com raised Cirrus Logic from a "hold" rating to a "buy" rating in a research note on Tuesday. KeyCorp increased their price target on Cirrus Logic from $155.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 7th. Finally, Susquehanna increased 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 given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $132.50.

About Cirrus Logic

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.