Raymond James & Associates Buys 10,919 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Raymond James & Associates boosted its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 48.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 33,459 shares of the semiconductor company’s stock after acquiring an additional 10,919 shares during the quarter. Raymond James & Associates owned approximately 0.06% of Cirrus Logic worth $4,156,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in Cirrus Logic during the 3rd quarter worth about $31,000. Versant Capital Management Inc boosted its stake in shares of Cirrus Logic by 1,911.1% in 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 last quarter. GAMMA Investing LLC boosted its stake in shares of Cirrus Logic by 79.5% in 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 last quarter. 1620 Investment Advisors Inc. bought a new position in shares of Cirrus Logic in the 2nd quarter valued at about $77,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cirrus Logic by 52.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company’s stock valued at $123,000 after purchasing an additional 329 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $110.30 on Friday. The company’s 50 day simple moving average is $126.31 and its 200 day simple moving average is $121.39. Cirrus Logic, Inc. has a fifty-two week low of $65.08 and a fifty-two week high of $147.46. The firm has a market capitalization of $5.89 billion, a price-to-earnings ratio of 20.39 and a beta of 0.96.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.50. The business had revenue of $374.03 million for the quarter, compared to analyst estimates of $318.41 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. Cirrus Logic’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.35 EPS. As a group, analysts predict that Cirrus Logic, Inc. will post 5.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cirrus Logic news, SVP Justin E. Dougherty sold 10,203 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the sale, the senior vice president now directly owns 4,838 shares in the company, valued at approximately $637,212.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Cirrus Logic news, SVP Justin E. Dougherty sold 10,203 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the sale, the senior vice president now directly owns 4,838 shares in the company, valued at approximately $637,212.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Andrew Brannan sold 4,350 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the sale, the vice president now owns 4,004 shares in the company, valued at $544,704.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CRUS. Susquehanna reduced their target price on shares of Cirrus Logic from $175.00 to $160.00 and set a “positive” rating on the stock in a research note on Monday, October 21st. StockNews.com lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 9th. KeyCorp raised their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Barclays lowered shares of Cirrus Logic from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $140.00 to $120.00 in a research note on Thursday, October 10th. Finally, Stifel Nicolaus lifted their price objective on shares of Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.00.

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.