State Street Corp Reduces Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

State Street Corp lessened its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 4.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,971,803 shares of the semiconductor company's stock after selling 91,578 shares during the quarter. State Street Corp owned 3.71% of Cirrus Logic worth $244,918,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. FMR LLC increased its stake in Cirrus Logic by 6.3% in the 3rd quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company's stock worth $456,862,000 after purchasing an additional 217,404 shares during the period. LSV Asset Management lifted its position in shares of Cirrus Logic by 34.6% in the 2nd quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company's stock worth $241,340,000 after purchasing an additional 486,086 shares during the period. Earnest Partners LLC increased its position in shares of Cirrus Logic by 3.0% during the second quarter. Earnest Partners LLC now owns 1,358,140 shares of the semiconductor company's stock valued at $173,380,000 after buying an additional 39,759 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Cirrus Logic by 32.3% during the 3rd quarter. Pacer Advisors Inc. now owns 880,446 shares of the semiconductor company's stock worth $109,360,000 after acquiring an additional 215,126 shares during the period. Finally, Sei Investments Co. raised its holdings in Cirrus Logic by 8.6% in the second quarter. Sei Investments Co. now owns 756,585 shares of the semiconductor company's stock worth $96,587,000 after purchasing an additional 59,690 shares in the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Stock Performance

Shares of NASDAQ CRUS traded down $0.22 during midday trading on Thursday, reaching $106.44. The stock had a trading volume of 505,728 shares, compared to its average volume of 522,524. Cirrus Logic, Inc. has a 12-month low of $75.92 and a 12-month high of $147.46. The stock has a 50-day moving average of $111.02 and a 200-day moving average of $122.83. The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of 18.04 and a beta of 0.93.

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 (EPS) for the quarter, beating the consensus estimate 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 EPS. The firm's quarterly revenue was up 12.6% on a year-over-year basis. As a group, analysts forecast that Cirrus Logic, Inc. will post 5.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRUS. StockNews.com upgraded shares of Cirrus Logic from a "hold" rating to a "buy" rating in a report on Tuesday, December 3rd. Loop Capital began coverage on Cirrus Logic in a report on Tuesday, November 12th. They issued a "buy" rating and a $130.00 target price for the company. Stifel Nicolaus lowered their target price on shares of 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 lowered their price target 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. Finally, Susquehanna upped 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. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average 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.