Cornercap Investment Counsel Inc. Sells 6,486 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Cornercap Investment Counsel Inc. lessened its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 50.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,405 shares of the semiconductor company’s stock after selling 6,486 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Cirrus Logic were worth $796,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Huntington National Bank lifted its position in Cirrus Logic by 10,500.0% during the third quarter. Huntington National Bank now owns 212 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 210 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Cirrus Logic by 98.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 120 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in Cirrus Logic in the third quarter worth $31,000. Versant Capital Management Inc increased its stake in Cirrus Logic by 1,911.1% in the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 344 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Cirrus Logic by 79.5% during the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock valued at $61,000 after purchasing an additional 210 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. KeyCorp upped their price objective on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Barclays reduced 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 research report on Tuesday, November 5th. StockNews.com lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Stifel Nicolaus reduced their target price on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, Loop Capital started coverage on shares of Cirrus Logic in a research report on Tuesday. They set a “buy” rating and a $130.00 price target for the company. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $131.67.

Cirrus Logic Stock Down 0.8 %

Shares of Cirrus Logic stock opened at $100.67 on Friday. The firm has a market cap of $5.35 billion, a PE ratio of 17.06 and a beta of 0.96. The company’s fifty day simple moving average is $118.87 and its two-hundred day simple moving average is $122.64. Cirrus Logic, Inc. has a 12-month low of $74.80 and a 12-month high of $147.46.

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