Citigroup Inc. Acquires 18,877 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Citigroup Inc. increased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 137.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,650 shares of the semiconductor company’s stock after acquiring an additional 18,877 shares during the quarter. Citigroup Inc. owned about 0.06% of Cirrus Logic worth $4,055,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its position in 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 acquiring an additional 129,457 shares during the period. Pacer Advisors Inc. increased its holdings in Cirrus Logic by 32.3% in the 3rd quarter. Pacer Advisors Inc. now owns 880,446 shares of the semiconductor company’s stock valued at $109,360,000 after buying an additional 215,126 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Cirrus Logic by 5.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 27,038 shares of the semiconductor company’s stock valued at $3,358,000 after buying an additional 1,445 shares during the period. Caprock Group LLC bought a new position in Cirrus Logic in the 3rd quarter valued at about $306,000. Finally, Quest Partners LLC increased its holdings in Cirrus Logic by 67.4% in the 3rd quarter. Quest Partners LLC now owns 5,466 shares of the semiconductor company’s stock valued at $679,000 after buying an additional 2,201 shares during the period. 87.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Barclays decreased their price target on shares of Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 5th. StockNews.com upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday. Stifel Nicolaus lowered their price objective on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Loop Capital began coverage on shares of Cirrus Logic in a research note on Tuesday, November 12th. They set a “buy” rating and a $130.00 price target for the company. Finally, Susquehanna upped their target price on shares of Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a research note on Monday, November 18th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $132.50.

Cirrus Logic Trading Down 2.1 %

Shares of Cirrus Logic stock opened at $105.60 on Wednesday. Cirrus Logic, Inc. has a 12-month low of $75.57 and a 12-month high of $147.46. The company has a market cap of $5.61 billion, a price-to-earnings ratio of 17.90 and a beta of 0.93. The company’s 50-day moving average price is $113.57 and its 200-day moving average price is $123.42.

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

About Cirrus Logic

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.