LSV Asset Management decreased its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 4.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,221,634 shares of the semiconductor company’s stock after selling 62,900 shares during the period. LSV Asset Management’s holdings in Cirrus Logic were worth $82,399,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in CRUS. FMR LLC raised its stake in Cirrus Logic by 44.0% in the 2nd quarter. FMR LLC now owns 8,016,449 shares of the semiconductor company’s stock valued at $495,257,000 after purchasing an additional 2,449,824 shares during the last quarter. Bank of America Corp DE raised its stake in Cirrus Logic by 25.2% in the 2nd quarter. Bank of America Corp DE now owns 945,348 shares of the semiconductor company’s stock valued at $58,404,000 after purchasing an additional 190,453 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd raised its stake in Cirrus Logic by 78.2% in the 2nd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 367,822 shares of the semiconductor company’s stock valued at $22,724,000 after purchasing an additional 161,444 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in Cirrus Logic in the 2nd quarter valued at about $8,688,000. Finally, Great Lakes Advisors LLC increased its stake in shares of Cirrus Logic by 1,016.8% during the 2nd quarter. Great Lakes Advisors LLC now owns 124,541 shares of the semiconductor company’s stock valued at $7,694,000 after acquiring an additional 113,389 shares during the last quarter. 86.00% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on the stock. ValuEngine raised shares of Cirrus Logic from a “sell” rating to a “hold” rating in a research note on Monday, August 3rd. Craig Hallum raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Thursday, September 10th. 140166 upped their price objective on shares of Cirrus Logic from $78.00 to $86.00 in a research note on Tuesday, August 4th. Zacks Investment Research downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $73.00 target price for the company. in a research report on Tuesday, October 6th. Finally, TheStreet upgraded Cirrus Logic from a “c” rating to a “b-” rating in a report on Tuesday, August 4th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $80.13.
NASDAQ CRUS traded down $0.76 on Monday, reaching $66.90. The company had a trading volume of 3,780 shares, compared to its average volume of 574,929. The firm has a market capitalization of $4.01 billion, a PE ratio of 20.01, a P/E/G ratio of 3.57 and a beta of 0.80. Cirrus Logic, Inc. has a 1 year low of $47.04 and a 1 year high of $91.63. The firm has a 50-day moving average of $64.39 and a 200-day moving average of $65.88.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Monday, August 3rd. The semiconductor company reported $0.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.23. The company had revenue of $242.57 million during the quarter, compared to analysts’ expectations of $225.25 million. Cirrus Logic had a return on equity of 16.75% and a net margin of 13.47%. The business’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 EPS. As a group, analysts forecast that Cirrus Logic, Inc. will post 2.47 earnings per share for the current fiscal year.
In other news, Director John C. Carter sold 625 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $73.99, for a total transaction of $46,243.75. Following the completion of the transaction, the director now directly owns 15,656 shares in the company, valued at approximately $1,158,387.44. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.83% of the company’s stock.
Cirrus Logic Company Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) in the United States and internationally. It offers portable products, including codecs-chips that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; haptic drivers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that offer enhanced voice quality, voice capture, and audio playback features.
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