Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. grew its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 165.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,681 shares of the semiconductor company’s stock after purchasing an additional 27,856 shares during the quarter. Victory Capital Management Inc. owned about 0.08% of Cirrus Logic worth $5,550,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Cirrus Logic by 2.1% in the first quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock valued at $588,977,000 after purchasing an additional 128,393 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Cirrus Logic by 52.1% in the second 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 period. Susquehanna Fundamental Investments LLC grew its holdings in shares of Cirrus Logic by 741.0% in the second quarter. Susquehanna Fundamental Investments LLC now owns 27,754 shares of the semiconductor company’s stock valued at $3,543,000 after purchasing an additional 24,454 shares during the period. Raymond James & Associates grew its holdings in shares of Cirrus Logic by 48.4% in the third quarter. Raymond James & Associates now owns 33,459 shares of the semiconductor company’s stock valued at $4,156,000 after purchasing an additional 10,919 shares during the period. Finally, Lecap Asset Management Ltd. grew its holdings in shares of Cirrus Logic by 316.2% in the third quarter. Lecap Asset Management Ltd. now owns 17,009 shares of the semiconductor company’s stock valued at $2,113,000 after purchasing an additional 12,922 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRUS has been the subject of a number of analyst reports. Barclays dropped their price objective on shares of 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 upped their price objective on shares of Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a report on Monday, November 18th. Stifel Nicolaus decreased 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. Loop Capital assumed coverage on shares of Cirrus Logic in a research report on Tuesday, November 12th. They issued a “buy” rating and a $130.00 target price on the stock. Finally, KeyCorp upped their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $132.50.

Cirrus Logic Stock Performance

Shares of CRUS opened at $104.82 on Friday. The stock has a market capitalization of $5.57 billion, a PE ratio of 17.77 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 company’s 50-day simple moving average is $116.23 and its 200-day simple moving average is $123.04.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.23. The business had revenue of $541.90 million for the quarter, compared to analysts’ expectations of $520.53 million. Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. The business’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.43 earnings per share. On average, sell-side analysts predict that Cirrus Logic, Inc. will post 5.21 earnings per share for the current year.

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.