Meridian Wealth Management LLC Invests $264,000 in Cirrus Logic, Inc. (NASDAQ:CRUS)

Meridian Wealth Management LLC purchased a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,126 shares of the semiconductor company’s stock, valued at approximately $264,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stonegate Investment Group LLC lifted its holdings in shares of Cirrus Logic by 5.3% during the third quarter. Stonegate Investment Group LLC now owns 1,776 shares of the semiconductor company’s stock valued at $221,000 after purchasing an additional 90 shares during the last quarter. Atria Investments Inc raised its stake in Cirrus Logic by 2.9% during the third quarter. Atria Investments Inc now owns 3,596 shares of the semiconductor company’s stock valued at $447,000 after buying an additional 101 shares during the last quarter. Profund Advisors LLC boosted its holdings in Cirrus Logic by 2.0% in the second quarter. Profund Advisors LLC now owns 5,271 shares of the semiconductor company’s stock worth $673,000 after acquiring an additional 103 shares in the last quarter. Arkadios Wealth Advisors grew its stake in shares of Cirrus Logic by 2.8% in the second quarter. Arkadios Wealth Advisors now owns 4,413 shares of the semiconductor company’s stock worth $563,000 after acquiring an additional 119 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Cirrus Logic by 98.4% during the third quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 120 shares in the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Trading Up 3.8 %

Shares of CRUS opened at $108.82 on Tuesday. The firm has a market cap of $5.78 billion, a PE ratio of 18.44 and a beta of 0.96. Cirrus Logic, Inc. has a 1-year low of $74.83 and a 1-year high of $147.46. The firm has a fifty day simple moving average of $115.34 and a two-hundred day simple moving average of $123.55.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.23. The company had revenue of $541.90 million for 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%. Cirrus Logic’s revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.43 earnings per share. As a group, research analysts forecast that Cirrus Logic, Inc. will post 5.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. 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 began coverage on shares of Cirrus Logic in a report on Tuesday, November 12th. They set a “buy” rating and a $130.00 price target on the stock. Stifel Nicolaus decreased their price objective on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Susquehanna increased their target price on Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a research note on Monday, November 18th. Finally, KeyCorp boosted their price target on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.