JPMorgan Chase & Co. Raises Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

JPMorgan Chase & Co. boosted its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 30.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 296,357 shares of the semiconductor company’s stock after buying an additional 69,006 shares during the period. JPMorgan Chase & Co. owned approximately 0.56% of Cirrus Logic worth $36,811,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRUS. Huntington National Bank lifted its position in Cirrus Logic by 10,500.0% in the 3rd quarter. Huntington National Bank now owns 212 shares of the semiconductor company’s stock worth $26,000 after buying an additional 210 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Cirrus Logic by 98.4% during the third quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 120 shares during the period. V Square Quantitative Management LLC bought a new stake in shares of Cirrus Logic in the third quarter worth about $31,000. Westside Investment Management Inc. bought a new stake in Cirrus Logic in the third quarter valued at $35,000. Finally, GAMMA Investing LLC lifted its holdings in Cirrus Logic by 81.2% in the third quarter. GAMMA Investing LLC now owns 859 shares of the semiconductor company’s stock worth $107,000 after buying an additional 385 shares during the period. 87.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CRUS shares. Loop Capital began 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. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Barclays cut 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. Stifel Nicolaus lowered their target price on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, Susquehanna boosted their target price on Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a research report on Monday, November 18th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $132.50.

Cirrus Logic Trading Up 1.7 %

CRUS opened at $102.48 on Tuesday. Cirrus Logic, Inc. has a 12-month low of $75.92 and a 12-month high of $147.46. The business’s fifty day simple moving average is $104.30 and its 200-day simple moving average is $120.75. The company has a market capitalization of $5.45 billion, a price-to-earnings ratio of 17.37 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results 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. The firm had revenue of $541.90 million during 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 company’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.43 EPS. On average, equities research analysts predict that Cirrus Logic, Inc. will post 5.21 EPS 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.