Nationwide Fund Advisors reduced its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 11.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 143,015 shares of the semiconductor company’s stock after selling 17,984 shares during the period. Nationwide Fund Advisors owned approximately 0.22% of Cirrus Logic worth $7,626,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CRUS. Aperio Group LLC raised its holdings in Cirrus Logic by 36.3% during the second quarter. Aperio Group LLC now owns 19,720 shares of the semiconductor company’s stock worth $1,237,000 after purchasing an additional 5,256 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Cirrus Logic by 7.2% in the second quarter. Russell Investments Group Ltd. now owns 173,082 shares of the semiconductor company’s stock valued at $10,856,000 after buying an additional 11,567 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Cirrus Logic in the second quarter valued at about $428,000. Strs Ohio increased its holdings in Cirrus Logic by 10.8% in the second quarter. Strs Ohio now owns 10,300 shares of the semiconductor company’s stock valued at $646,000 after buying an additional 1,000 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its holdings in Cirrus Logic by 2.5% in the second quarter. Great West Life Assurance Co. Can now owns 61,004 shares of the semiconductor company’s stock valued at $3,822,000 after buying an additional 1,468 shares in the last quarter. 89.26% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have issued reports on CRUS shares. Bank of America started coverage on shares of Cirrus Logic in a report on Monday, September 18th. They issued an “underperform” rating and a $50.00 target price for the company. Craig Hallum reaffirmed a “hold” rating and issued a $54.00 target price (down from $63.00) on shares of Cirrus Logic in a report on Friday, November 3rd. KeyCorp reaffirmed an “overweight” rating on shares of Cirrus Logic in a report on Thursday, September 14th. Zacks Investment Research cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $76.00 target price on shares of Cirrus Logic in a report on Friday, November 3rd. Three analysts have rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Cirrus Logic has an average rating of “Buy” and a consensus price target of $67.05.
Shares of Cirrus Logic, Inc. (CRUS) opened at $49.98 on Friday. The company has a market cap of $3,173.07, a P/E ratio of 11.38, a PEG ratio of 1.30 and a beta of 0.01. Cirrus Logic, Inc. has a 1 year low of $48.61 and a 1 year high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.20 by $0.16. The business had revenue of $425.50 million for the quarter, compared to analyst estimates of $410.32 million. Cirrus Logic had a net margin of 17.11% and a return on equity of 25.37%. The company’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the prior year, the business earned $1.35 earnings per share. research analysts expect that Cirrus Logic, Inc. will post 4.21 EPS for the current fiscal year.
Cirrus Logic Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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