Daiwa Securities Group Inc. Purchases Shares of 2,300 Cirrus Logic, Inc. (NASDAQ:CRUS)

Daiwa Securities Group Inc. acquired a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,300 shares of the semiconductor company’s stock, valued at approximately $286,000.

Several other hedge funds also recently modified their holdings of the company. Alpha DNA Investment Management LLC acquired a new stake in shares of Cirrus Logic in the third quarter valued at $412,000. Cerity Partners LLC grew its holdings in Cirrus Logic by 401.4% during the 3rd quarter. Cerity Partners LLC now owns 19,869 shares of the semiconductor company’s stock worth $2,468,000 after acquiring an additional 15,906 shares during the last quarter. Meridian Wealth Management LLC acquired a new stake in Cirrus Logic in the 3rd quarter valued at about $264,000. Citigroup Inc. raised its stake in shares of Cirrus Logic by 137.1% in the third quarter. Citigroup Inc. now owns 32,650 shares of the semiconductor company’s stock worth $4,055,000 after acquiring an additional 18,877 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Cirrus Logic by 21.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company’s stock worth $89,527,000 after purchasing an additional 129,457 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Trading Down 1.0 %

Shares of CRUS opened at $104.45 on Monday. The stock has a market cap of $5.55 billion, a P/E ratio of 17.70 and a beta of 0.96. Cirrus Logic, Inc. has a 1 year low of $74.83 and a 1 year high of $147.46. The stock’s 50-day moving average price is $113.90 and its two-hundred day moving average price is $123.37.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data 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. Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. The business had revenue of $541.90 million for the quarter, compared to analyst estimates of $520.53 million. During the same quarter last year, the firm earned $1.43 EPS. Cirrus Logic’s quarterly revenue was up 12.6% compared to the same quarter last year. As a group, equities analysts forecast that Cirrus Logic, Inc. will post 5.21 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CRUS. KeyCorp raised their price target 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. Susquehanna boosted their target price on Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a research report on Monday, November 18th. Loop Capital initiated coverage on Cirrus Logic in a research note on Tuesday, November 12th. They set a “buy” rating and a $130.00 price target on the stock. Barclays lowered their price objective on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Finally, Stifel Nicolaus cut 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 report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.50.

Cirrus Logic 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.