US Bancorp DE Boosts Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

US Bancorp DE lifted its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 36.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,800 shares of the semiconductor company’s stock after purchasing an additional 477 shares during the period. US Bancorp DE’s holdings in Cirrus Logic were worth $224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC purchased a new stake in shares of Cirrus Logic during the 1st quarter worth about $275,000. Russell Investments Group Ltd. boosted its position in Cirrus Logic by 10.6% during the first quarter. Russell Investments Group Ltd. now owns 152,321 shares of the semiconductor company’s stock worth $14,087,000 after purchasing an additional 14,656 shares in the last quarter. ProShare Advisors LLC grew its holdings in Cirrus Logic by 16.2% in the first quarter. ProShare Advisors LLC now owns 10,382 shares of the semiconductor company’s stock valued at $961,000 after purchasing an additional 1,450 shares during the period. State Board of Administration of Florida Retirement System raised its stake in shares of Cirrus Logic by 13.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 48,030 shares of the semiconductor company’s stock worth $4,446,000 after buying an additional 5,645 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Cirrus Logic by 9.7% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 8,444 shares of the semiconductor company’s stock valued at $776,000 after buying an additional 746 shares in the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $101.50 on Friday. The firm has a 50 day simple moving average of $119.50 and a 200-day simple moving average of $122.57. The stock has a market cap of $5.39 billion, a price-to-earnings ratio of 17.20 and a beta of 0.96. Cirrus Logic, Inc. has a 1-year low of $74.80 and a 1-year high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Monday, November 4th. The semiconductor company reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.23. The firm had revenue of $541.90 million for the quarter, compared to analysts’ expectations of $520.53 million. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.43 earnings per share. Equities analysts expect that Cirrus Logic, Inc. will post 5.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CRUS has been the subject of a number of research analyst reports. KeyCorp upped their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Stifel Nicolaus cut their price objective on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Barclays reduced their target price on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. Susquehanna decreased their price target on shares of Cirrus Logic from $160.00 to $135.00 and set a “positive” rating on the stock in a research note on Tuesday, November 5th. Finally, StockNews.com cut Cirrus Logic from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $131.67.

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.