Public Employees Retirement System of Ohio Trims Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Public Employees Retirement System of Ohio lowered its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,851 shares of the semiconductor company’s stock after selling 649 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Cirrus Logic were worth $2,714,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Y Intercept Hong Kong Ltd acquired a new position in Cirrus Logic during the third quarter worth approximately $2,543,000. MML Investors Services LLC grew its stake in shares of Cirrus Logic by 5.4% during the 3rd quarter. MML Investors Services LLC now owns 4,119 shares of the semiconductor company’s stock valued at $512,000 after buying an additional 212 shares during the period. National Bank of Canada FI acquired a new stake in shares of Cirrus Logic during the 3rd quarter worth $186,000. EP Wealth Advisors LLC purchased a new position in shares of Cirrus Logic in the 3rd quarter worth $243,000. Finally, Kovitz Investment Group Partners LLC boosted its holdings in Cirrus Logic by 16.6% in the third quarter. Kovitz Investment Group Partners LLC now owns 3,752 shares of the semiconductor company’s stock valued at $425,000 after acquiring an additional 535 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Stock Performance

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

Cirrus Logic (NASDAQ:CRUS) last released its quarterly 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 business had revenue of $541.90 million during the quarter, compared to the consensus estimate of $520.53 million. Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.43 earnings per share. As a group, equities research analysts forecast that Cirrus Logic, Inc. will post 5.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on CRUS. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Loop Capital assumed coverage on shares of Cirrus Logic in a research report on Tuesday, November 12th. They set a “buy” rating and a $130.00 price target on the stock. Stifel Nicolaus dropped their price objective on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Susquehanna lifted their target price on shares of Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a report on Monday, November 18th. Finally, Barclays lowered their price target on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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.