Concentric Capital Strategies LP Invests $3.23 Million in Cirrus Logic, Inc. (NASDAQ:CRUS)

Concentric Capital Strategies LP acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 25,963 shares of the semiconductor company’s stock, valued at approximately $3,225,000.

Several other hedge funds have also added to or reduced their stakes in the business. Pacer Advisors Inc. grew its stake in Cirrus Logic by 8,183.4% in the second quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company’s stock valued at $84,935,000 after acquiring an additional 657,288 shares during the period. LSV Asset Management grew its position in shares of Cirrus Logic by 34.6% in the 2nd quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock valued at $241,340,000 after purchasing an additional 486,086 shares during the period. FMR LLC increased its stake in Cirrus Logic by 6.3% during the 3rd quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company’s stock worth $456,862,000 after purchasing an additional 217,404 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in Cirrus Logic during the 3rd quarter worth approximately $16,340,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Cirrus Logic by 21.9% in 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 in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

NASDAQ:CRUS opened at $107.84 on Tuesday. Cirrus Logic, Inc. has a 52-week low of $75.57 and a 52-week high of $147.46. The company has a market cap of $5.73 billion, a P/E ratio of 18.28 and a beta of 0.96. The stock’s 50-day simple moving average is $113.90 and its 200 day simple moving average is $123.45.

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Barclays lowered their price objective on shares of Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Loop Capital initiated coverage on Cirrus Logic in a report on Tuesday, November 12th. They set a “buy” rating and a $130.00 target price for the company. Susquehanna boosted their price target on Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a report on Monday, November 18th. Stifel Nicolaus reduced their price objective on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, KeyCorp lifted their target price on Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus price target 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.