Sound Income Strategies LLC Acquires Shares of 460 Cirrus Logic, Inc. (NASDAQ:CRUS)

Sound Income Strategies LLC bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the fourth quarter, Holdings Channel.com reports. The fund bought 460 shares of the semiconductor company’s stock, valued at approximately $46,000.

A number of other institutional investors also recently modified their holdings of the company. Huntington National Bank increased its stake in Cirrus Logic by 10,500.0% during the 3rd quarter. Huntington National Bank now owns 212 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 210 shares in the last quarter. Nisa Investment Advisors LLC grew 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 buying an additional 120 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Cirrus Logic during the third quarter worth about $31,000. Westside Investment Management Inc. acquired a new stake in shares of Cirrus Logic in the 3rd quarter worth about $35,000. Finally, Bartlett & CO. Wealth Management LLC lifted its position in Cirrus Logic by 40.0% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 700 shares of the semiconductor company’s stock valued at $70,000 after acquiring an additional 200 shares in the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the company. Susquehanna increased their price objective on Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a research note on Monday, November 18th. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Loop Capital started 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. Stifel Nicolaus dropped their price target on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Finally, Barclays cut their price target on shares of Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Cirrus Logic presently has an average rating of “Moderate Buy” and an average target price of $132.50.

Cirrus Logic Stock Performance

NASDAQ CRUS opened at $101.41 on Friday. The company has a market capitalization of $5.39 billion, a PE ratio of 17.19 and a beta of 0.92. Cirrus Logic, Inc. has a 52-week low of $75.92 and a 52-week high of $147.46. The company has a 50-day simple moving average of $102.97 and a 200 day simple moving average of $118.23.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.43 EPS. As a group, analysts forecast that Cirrus Logic, Inc. will post 5.21 EPS for the current fiscal year.

About Cirrus Logic

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.