Bridgewater Associates LP Lowers Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Bridgewater Associates LP decreased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 13.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 37,716 shares of the semiconductor company’s stock after selling 6,038 shares during the period. Bridgewater Associates LP’s holdings in Cirrus Logic were worth $4,685,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CRUS. FMR LLC increased its holdings in Cirrus Logic by 6.3% during the third quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company’s stock valued at $456,862,000 after buying an additional 217,404 shares during the period. LSV Asset Management increased its holdings 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 acquiring an additional 486,086 shares during the period. Earnest Partners LLC raised its position in shares of Cirrus Logic by 3.0% in the 2nd quarter. Earnest Partners LLC now owns 1,358,140 shares of the semiconductor company’s stock worth $173,380,000 after acquiring an additional 39,759 shares in the last quarter. Pacer Advisors Inc. lifted its stake in shares of Cirrus Logic by 32.3% during the 3rd quarter. Pacer Advisors Inc. now owns 880,446 shares of the semiconductor company’s stock worth $109,360,000 after purchasing an additional 215,126 shares during the last quarter. Finally, Sei Investments Co. boosted its position in Cirrus Logic by 8.6% during the second quarter. Sei Investments Co. now owns 756,585 shares of the semiconductor company’s stock valued at $96,587,000 after purchasing an additional 59,690 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Susquehanna increased their price target on shares of Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a research report on Monday, November 18th. Loop Capital assumed coverage on shares of Cirrus Logic in a research note on Tuesday, November 12th. They issued a “buy” rating and a $130.00 target price for the company. Barclays decreased their price objective 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. Stifel Nicolaus dropped their target price on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Finally, KeyCorp increased their price target on Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $132.50.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $104.45 on Friday. Cirrus Logic, Inc. has a fifty-two week low of $74.83 and a fifty-two week high of $147.46. The firm has a market capitalization of $5.55 billion, a PE ratio of 17.70 and a beta of 0.96. The stock’s 50-day simple moving average is $114.27 and its 200-day simple moving average is $123.31.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share (EPS) 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 analyst estimates of $520.53 million. Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. Cirrus Logic’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period last year, the firm posted $1.43 EPS. Sell-side analysts forecast that Cirrus Logic, Inc. will post 5.21 earnings per share for the current year.

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.