Westside Investment Management Inc. Makes New Investment in Cirrus Logic, Inc. (NASDAQ:CRUS)

Westside Investment Management Inc. purchased a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 279 shares of the semiconductor company’s stock, valued at approximately $35,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pacer Advisors Inc. lifted its position in shares of Cirrus Logic by 8,183.4% during the 2nd 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 raised its holdings in Cirrus Logic by 34.6% during the second quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock worth $241,340,000 after purchasing an additional 486,086 shares during the last quarter. FMR LLC boosted its position in Cirrus Logic by 6.3% during the third 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 in the third quarter valued at $16,340,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of 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.

Analysts Set New Price Targets

CRUS has been the topic of several recent research reports. Susquehanna boosted their price objective on shares of Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a research report on Monday, November 18th. Loop Capital initiated coverage on shares of Cirrus Logic in a research note on Tuesday, November 12th. They set a “buy” rating and a $130.00 price objective for the company. Stifel Nicolaus cut 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. StockNews.com raised Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Finally, Barclays reduced their price objective on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cirrus Logic currently has an average rating of “Moderate Buy” and an average target price of $132.50.

Cirrus Logic Stock Down 0.2 %

Shares of NASDAQ:CRUS opened at $106.44 on Friday. The business has a fifty day simple moving average of $111.02 and a 200-day simple moving average of $122.83. Cirrus Logic, Inc. has a 52 week low of $75.92 and a 52 week high of $147.46. The company has a market cap of $5.66 billion, a P/E ratio of 18.04 and a beta of 0.93.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Monday, November 4th. The semiconductor company reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.23. Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. The company had revenue of $541.90 million during the quarter, compared to the consensus estimate of $520.53 million. During the same quarter in the prior year, the company posted $1.43 EPS. The company’s quarterly revenue was up 12.6% compared to the same quarter last year. Sell-side analysts expect that Cirrus Logic, Inc. will post 5.21 earnings per share 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.