Royce & Associates LP Sells 1,963 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Royce & Associates LP lessened its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 0.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 621,586 shares of the semiconductor company’s stock after selling 1,963 shares during the period. Cirrus Logic comprises about 0.7% of Royce & Associates LP’s holdings, making the stock its 17th biggest position. Royce & Associates LP’s holdings in Cirrus Logic were worth $77,207,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRUS. Huntington National Bank raised its position in Cirrus Logic by 10,500.0% in the third quarter. Huntington National Bank now owns 212 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 210 shares in the last quarter. Nisa Investment Advisors LLC lifted its position 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 buying an additional 120 shares during the period. V Square Quantitative Management LLC bought a new position in shares of Cirrus Logic during the 3rd quarter worth approximately $31,000. Versant Capital Management Inc grew its position 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 period. Finally, GAMMA Investing LLC raised its stake in Cirrus Logic by 79.5% during the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock worth $61,000 after acquiring an additional 210 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Price Performance

CRUS stock opened at $101.50 on Friday. The stock has a market capitalization of $5.39 billion, a PE ratio of 17.20 and a beta of 0.96. The company has a 50 day moving average price of $119.50 and a 200 day moving average price of $122.57. Cirrus Logic, Inc. has a fifty-two week low of $74.80 and a fifty-two week high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.23. The company 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 firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.43 earnings per share. As a group, equities analysts expect that Cirrus Logic, Inc. will post 5.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CRUS. 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 research note on Tuesday, November 5th. Barclays decreased their price objective on shares of Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 5th. StockNews.com cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Loop Capital started coverage on Cirrus Logic in a research report on Tuesday. They set a “buy” rating and a $130.00 price target on the stock. Finally, Susquehanna cut their price objective on Cirrus Logic from $160.00 to $135.00 and set a “positive” rating for the company in a research report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.67.

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.