Swiss National Bank Decreases Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Swiss National Bank lessened its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 1.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 104,400 shares of the semiconductor company’s stock after selling 1,700 shares during the quarter. Swiss National Bank’s holdings in Cirrus Logic were worth $12,968,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Huntington National Bank boosted its holdings in Cirrus Logic by 10,500.0% in the 3rd quarter. Huntington National Bank now owns 212 shares of the semiconductor company’s stock worth $26,000 after buying an additional 210 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Cirrus Logic by 98.4% during the third quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 120 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Cirrus Logic in the third quarter valued at $31,000. Versant Capital Management Inc raised its stake in shares of Cirrus Logic by 1,911.1% during the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 344 shares during the period. Finally, GAMMA Investing LLC raised its stake 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 during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Up 2.2 %

NASDAQ CRUS opened at $104.82 on Friday. The stock’s 50-day simple moving average is $115.66 and its two-hundred day simple moving average is $123.36. Cirrus Logic, Inc. has a twelve month low of $74.83 and a twelve month high of $147.46. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 17.77 and a beta of 0.96.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share for the quarter, topping 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 return on equity of 18.15% and a net margin of 17.19%. Cirrus Logic’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.43 EPS. On average, equities analysts expect that Cirrus Logic, Inc. will post 5.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. KeyCorp lifted their target price on Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Susquehanna upped their target price on shares of Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a report on Monday, November 18th. 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. Loop Capital assumed coverage on shares of Cirrus Logic in a research report on Tuesday, November 12th. They set a “buy” rating and a $130.00 price target for the company. Finally, Barclays lowered their price objective on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.