Geode Capital Management LLC Grows Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Geode Capital Management LLC grew its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 4.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,138,279 shares of the semiconductor company’s stock after purchasing an additional 50,582 shares during the period. Geode Capital Management LLC owned approximately 2.14% of Cirrus Logic worth $141,414,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CRUS. Huntington National Bank boosted its holdings in shares of Cirrus Logic by 10,500.0% in the third quarter. Huntington National Bank now owns 212 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 210 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Cirrus Logic by 98.4% in the third quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 120 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Cirrus Logic during the 3rd quarter worth $31,000. 1620 Investment Advisors Inc. acquired a new position in Cirrus Logic during the second quarter worth about $77,000. Finally, GAMMA Investing LLC raised its position in Cirrus Logic by 81.2% during the third quarter. GAMMA Investing LLC now owns 859 shares of the semiconductor company’s stock worth $107,000 after acquiring an additional 385 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $105.63 on Tuesday. The company’s 50-day simple moving average is $110.53 and its 200-day simple moving average is $122.81. Cirrus Logic, Inc. has a one year low of $75.92 and a one year high of $147.46. The stock has a market capitalization of $5.61 billion, a price-to-earnings ratio of 17.90 and a beta of 0.93.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data 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. The business had revenue of $541.90 million during the quarter, compared to the consensus estimate of $520.53 million. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The business’s revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.43 earnings per share. As a group, research analysts forecast that Cirrus Logic, Inc. will post 5.21 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on CRUS shares. Stifel Nicolaus reduced their price objective on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Barclays decreased 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 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 for the company. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. Finally, Susquehanna lifted their price objective on shares of Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a research note on Monday, November 18th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $132.50.

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.