USA Financial Portformulas Corp acquired a new position in Cirrus Logic, Inc. (NASDAQ:CRUS) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 7,020 shares of the semiconductor company’s stock, valued at approximately $269,000.
Several other institutional investors and hedge funds have also made changes to their positions in CRUS. grace capital acquired a new position in shares of Cirrus Logic in the 2nd quarter worth approximately $115,000. Bank of Montreal Can grew its stake in shares of Cirrus Logic by 88.7% in the 3rd quarter. Bank of Montreal Can now owns 3,388 shares of the semiconductor company’s stock worth $131,000 after purchasing an additional 1,593 shares during the last quarter. First Hawaiian Bank acquired a new position in shares of Cirrus Logic in the 3rd quarter worth approximately $140,000. Itau Unibanco Holding S.A. grew its stake in shares of Cirrus Logic by 91.8% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 3,723 shares of the semiconductor company’s stock worth $143,000 after purchasing an additional 1,782 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in shares of Cirrus Logic in the 2nd quarter worth approximately $216,000. 89.21% of the stock is currently owned by institutional investors.
In other news, Director Timothy R. Dehne sold 4,171 shares of Cirrus Logic stock in a transaction that occurred on Sunday, August 26th. The shares were sold at an average price of $44.99, for a total value of $187,653.29. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.32% of the company’s stock.
CRUS has been the topic of several recent research reports. BidaskClub raised shares of Cirrus Logic from a “sell” rating to a “hold” rating in a research note on Thursday, July 12th. ValuEngine cut shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. Craig Hallum reaffirmed a “buy” rating and issued a $47.00 price objective (down previously from $51.00) on shares of Cirrus Logic in a research note on Friday. Bank of America lifted their price objective on shares of Cirrus Logic from $28.00 to $33.00 and gave the stock an “underperform” rating in a research note on Thursday, August 2nd. Finally, Zacks Investment Research raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Tuesday, August 7th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Cirrus Logic presently has an average rating of “Hold” and a consensus price target of $47.88.
Cirrus Logic stock opened at $41.50 on Monday. The company has a market capitalization of $2.48 billion, a PE ratio of 11.25, a PEG ratio of 1.04 and a beta of 0.45. Cirrus Logic, Inc. has a fifty-two week low of $34.49 and a fifty-two week high of $58.80.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Thursday, November 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.34. The business had revenue of $366.30 million for the quarter, compared to the consensus estimate of $330.27 million. Cirrus Logic had a net margin of 7.09% and a return on equity of 15.55%. The firm’s quarterly revenue was down 13.9% compared to the same quarter last year. During the same period last year, the firm posted $1.36 earnings per share. As a group, research analysts predict that Cirrus Logic, Inc. will post 2.66 EPS for the current year.
Cirrus Logic Company Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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