PNC Financial Services Group Inc. Raises Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

PNC Financial Services Group Inc. boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 63.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,987 shares of the semiconductor company’s stock after buying an additional 1,546 shares during the period. PNC Financial Services Group Inc.’s holdings in Cirrus Logic were worth $397,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CRUS. Charles Schwab Investment Management Inc. increased 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. Geode Capital Management LLC grew its holdings in shares of Cirrus Logic by 4.7% during the third quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company’s stock worth $141,414,000 after buying an additional 50,582 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Cirrus Logic by 30.4% in the third quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company’s stock valued at $36,811,000 after buying an additional 69,006 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Cirrus Logic in the third quarter worth about $2,543,000. Finally, Hancock Whitney Corp acquired a new position in Cirrus Logic during the third quarter worth about $898,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Stock Down 1.2 %

NASDAQ:CRUS opened at $99.87 on Friday. The company has a market capitalization of $5.31 billion, a P/E ratio of 18.13 and a beta of 0.89. Cirrus Logic, Inc. has a 52 week low of $81.30 and a 52 week high of $147.46. The stock’s fifty day moving average is $103.38 and its two-hundred day moving average is $110.02.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. Sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on CRUS. Benchmark reiterated a “buy” rating and issued a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday. Barclays lifted their price objective on Cirrus Logic from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Finally, StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.86.

Insider Transactions at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total value of $205,100.00. Following the sale, the executive vice president now owns 8,330 shares in the company, valued at approximately $833,000. The trade was a 19.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.02% of the company’s stock.

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.