Covestor Ltd Cuts Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Covestor Ltd lessened its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 45.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 870 shares of the semiconductor company’s stock after selling 730 shares during the period. Covestor Ltd’s holdings in Cirrus Logic were worth $108,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRUS. Vanguard Group Inc. increased its holdings in shares of Cirrus Logic by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock valued at $588,977,000 after acquiring an additional 128,393 shares during the period. State Board of Administration of Florida Retirement System grew its stake in Cirrus Logic by 13.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 48,030 shares of the semiconductor company’s stock valued at $4,446,000 after purchasing an additional 5,645 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Cirrus Logic by 52.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company’s stock worth $123,000 after purchasing an additional 329 shares in the last quarter. Susquehanna Fundamental Investments LLC lifted its position in shares of Cirrus Logic by 741.0% during the second quarter. Susquehanna Fundamental Investments LLC now owns 27,754 shares of the semiconductor company’s stock valued at $3,543,000 after buying an additional 24,454 shares during the last quarter. Finally, Raymond James & Associates boosted its holdings in shares of Cirrus Logic by 48.4% in the 3rd quarter. Raymond James & Associates now owns 33,459 shares of the semiconductor company’s stock valued at $4,156,000 after buying an additional 10,919 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRUS. Susquehanna decreased their target price on shares of Cirrus Logic from $160.00 to $135.00 and set a “positive” rating for the company in a research report on Tuesday, November 5th. StockNews.com cut Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Loop Capital initiated coverage on Cirrus Logic in a research report on Tuesday. They set a “buy” rating and a $130.00 target price on the stock. Barclays lowered their price target on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. Finally, KeyCorp upped their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $131.67.

Cirrus Logic Trading Down 0.0 %

CRUS opened at $104.67 on Wednesday. The firm has a 50 day moving average of $121.00 and a two-hundred day moving average of $122.87. The firm has a market capitalization of $5.56 billion, a PE ratio of 17.74 and a beta of 0.96. Cirrus Logic, Inc. has a 12-month low of $71.60 and a 12-month high of $147.46.

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

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.