Citigroup Inc. Increases Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Citigroup Inc. increased its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 137.1% in the third quarter, HoldingsChannel.com reports. The fund owned 32,650 shares of the semiconductor company’s stock after acquiring an additional 18,877 shares during the period. Citigroup Inc.’s holdings in Cirrus Logic were worth $4,055,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRUS. Charles Schwab Investment Management Inc. lifted its position in Cirrus Logic by 21.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company’s stock valued at $89,527,000 after buying an additional 129,457 shares during the period. Northwestern Mutual Wealth Management Co. increased 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 in the last quarter. Susquehanna Fundamental Investments LLC increased 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 in the last quarter. Sheaff Brock Investment Advisors LLC bought a new stake in shares of Cirrus Logic during the 3rd quarter valued at about $1,752,000. Finally, Raymond James & Associates grew its stake in shares of Cirrus Logic by 48.4% during the 3rd quarter. Raymond James & Associates now owns 33,459 shares of the semiconductor company’s stock valued at $4,156,000 after purchasing an additional 10,919 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

NASDAQ:CRUS opened at $105.60 on Wednesday. The stock has a market cap of $5.61 billion, a P/E ratio of 17.90 and a beta of 0.93. Cirrus Logic, Inc. has a 1 year low of $75.57 and a 1 year high of $147.46. The stock has a 50-day simple moving average of $113.57 and a 200-day simple moving average of $123.42.

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 analysts’ consensus estimates of $2.02 by $0.23. The firm had revenue of $541.90 million during the quarter, compared to analysts’ expectations 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 prior year, the firm earned $1.43 EPS. On average, equities research analysts predict that Cirrus Logic, Inc. will post 5.21 EPS for the current year.

Wall Street Analyst Weigh In

CRUS has been the topic of a number of research analyst reports. Stifel Nicolaus lowered their price target on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. KeyCorp increased their target price on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Tuesday. Loop Capital assumed coverage on Cirrus Logic in a research report on Tuesday, November 12th. They set a “buy” rating and a $130.00 price objective on the stock. Finally, Susquehanna raised their price target on Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a report on Monday, November 18th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $132.50.

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.