Readystate Asset Management LP Reduces Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Readystate Asset Management LP cut its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 38.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,380 shares of the semiconductor company’s stock after selling 7,620 shares during the period. Readystate Asset Management LP’s holdings in Cirrus Logic were worth $1,538,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in Cirrus Logic by 21.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company’s stock worth $89,527,000 after buying an additional 129,457 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Cirrus Logic by 52.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company’s stock worth $123,000 after buying an additional 329 shares during the period. Susquehanna Fundamental Investments LLC boosted its holdings in Cirrus Logic by 741.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 27,754 shares of the semiconductor company’s stock worth $3,543,000 after buying an additional 24,454 shares during the period. Sheaff Brock Investment Advisors LLC bought a new position in Cirrus Logic in the 3rd quarter worth approximately $1,752,000. Finally, Raymond James & Associates boosted its holdings in Cirrus Logic by 48.4% in the 3rd quarter. Raymond James & Associates now owns 33,459 shares of the semiconductor company’s stock worth $4,156,000 after buying an additional 10,919 shares during the period. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock opened at $103.70 on Thursday. Cirrus Logic, Inc. has a 1 year low of $75.80 and a 1 year high of $147.46. The firm has a market cap of $5.51 billion, a PE ratio of 17.58 and a beta of 0.93. The company has a 50 day simple moving average of $113.22 and a two-hundred day simple moving average of $123.39.

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

Analysts Set New Price Targets

Several research analysts recently commented on the stock. KeyCorp raised their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Loop Capital started coverage on shares of Cirrus Logic in a report on Tuesday, November 12th. They set a “buy” rating and a $130.00 target price on the stock. Susquehanna upped their target price on shares of Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a report on Monday, November 18th. Barclays decreased their target price 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. Finally, Stifel Nicolaus decreased 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. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $132.50.

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.