Concentric Capital Strategies LP Buys Shares of 25,963 Cirrus Logic, Inc. (NASDAQ:CRUS)

Concentric Capital Strategies LP acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 25,963 shares of the semiconductor company’s stock, valued at approximately $3,225,000.

Several other hedge funds also recently modified their holdings of the business. Huntington National Bank lifted its position in shares of Cirrus Logic by 10,500.0% during 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 period. Nisa Investment Advisors LLC boosted its holdings in shares of Cirrus Logic by 98.4% in 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 in the last quarter. V Square Quantitative Management LLC bought a new stake in Cirrus Logic during the 3rd quarter worth approximately $31,000. GAMMA Investing LLC increased its holdings in Cirrus Logic by 79.5% during the 2nd 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. Finally, 1620 Investment Advisors Inc. bought a new position in Cirrus Logic in the 2nd quarter valued at $77,000. 87.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRUS. KeyCorp increased their target price on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Barclays lowered 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 research report on Tuesday, November 5th. Loop Capital initiated coverage on shares of Cirrus Logic in a research report on Tuesday, November 12th. They set a “buy” rating and a $130.00 target price on the stock. Stifel Nicolaus decreased their price target on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Finally, StockNews.com cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.50.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS opened at $107.84 on Tuesday. Cirrus Logic, Inc. has a fifty-two week low of $75.57 and a fifty-two week high of $147.46. The firm has a market capitalization of $5.73 billion, a P/E ratio of 18.28 and a beta of 0.96. The company’s 50 day simple moving average is $113.90 and its 200 day simple moving average is $123.45.

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

Cirrus Logic Company 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.