Charles Schwab Investment Management Inc. Acquires 129,457 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Charles Schwab Investment Management Inc. raised its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 21.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 720,771 shares of the semiconductor company’s stock after acquiring an additional 129,457 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.36% of Cirrus Logic worth $89,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CRUS. Pacer Advisors Inc. grew its position in shares of Cirrus Logic by 8,183.4% in the second quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company’s stock valued at $84,935,000 after purchasing an additional 657,288 shares in the last quarter. LSV Asset Management grew its holdings in Cirrus Logic by 34.6% during the 2nd quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock valued at $241,340,000 after buying an additional 486,086 shares in the last quarter. DNB Asset Management AS purchased a new position in Cirrus Logic during the 2nd quarter valued at about $23,250,000. AQR Capital Management LLC lifted its holdings in shares of Cirrus Logic by 32.6% in the second quarter. AQR Capital Management LLC now owns 462,827 shares of the semiconductor company’s stock worth $59,084,000 after buying an additional 113,694 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of Cirrus Logic by 20.1% in the second quarter. Acadian Asset Management LLC now owns 553,062 shares of the semiconductor company’s stock valued at $70,583,000 after acquiring an additional 92,381 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

CRUS stock opened at $107.41 on Wednesday. The company has a market capitalization of $5.71 billion, a PE ratio of 18.21 and a beta of 0.96. Cirrus Logic, Inc. has a one year low of $74.83 and a one year high of $147.46. The company’s 50 day moving average price is $115.34 and its two-hundred day moving average price is $123.55.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Monday, November 4th. The semiconductor company reported $2.25 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.23. Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. The company had revenue of $541.90 million for the quarter, compared to analysts’ expectations of $520.53 million. During the same quarter last year, the company earned $1.43 EPS. The firm’s revenue was up 12.6% compared to the same quarter last year. On average, research analysts predict that Cirrus Logic, Inc. will post 5.21 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on CRUS. Loop Capital assumed coverage on shares of Cirrus Logic in a report on Tuesday, November 12th. They set a “buy” rating and a $130.00 target price on the stock. Susquehanna lifted their price objective on Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a research note on Monday, November 18th. KeyCorp boosted their target price on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. StockNews.com downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Finally, Stifel Nicolaus decreased their price objective on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, Cirrus Logic presently has an average rating of “Moderate Buy” and a consensus price target 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.