Meridian Wealth Management LLC Buys New Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Meridian Wealth Management LLC bought a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 2,126 shares of the semiconductor company’s stock, valued at approximately $264,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. LSV Asset Management grew its position in Cirrus Logic by 34.6% in the second quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock worth $241,340,000 after acquiring an additional 486,086 shares in the last quarter. Earnest Partners LLC lifted its stake in Cirrus Logic by 3.0% during the second quarter. Earnest Partners LLC now owns 1,358,140 shares of the semiconductor company’s stock worth $173,380,000 after purchasing an additional 39,759 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Cirrus Logic by 32.3% in 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 in the last quarter. Sei Investments Co. increased its position in shares of Cirrus Logic by 8.6% during the 2nd 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Cirrus Logic by 21.9% during the 3rd 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. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CRUS. Susquehanna upped their target price on Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a research note on Monday, November 18th. KeyCorp increased their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Loop Capital initiated coverage on shares of Cirrus Logic in a research note on Tuesday, November 12th. They issued a “buy” rating and a $130.00 price target for the company. StockNews.com cut Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Finally, Barclays dropped their target price 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. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.50.

Cirrus Logic Price Performance

NASDAQ CRUS opened at $108.82 on Tuesday. Cirrus Logic, Inc. has a 1 year low of $74.83 and a 1 year high of $147.46. The stock has a market capitalization of $5.78 billion, a PE ratio of 18.44 and a beta of 0.96. The business’s 50-day moving average is $115.34 and its 200 day moving average is $123.55.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.23. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The firm had revenue of $541.90 million for the quarter, compared to analysts’ expectations of $520.53 million. During the same period in the previous year, the firm earned $1.43 earnings per share. The business’s revenue was up 12.6% compared to the same quarter last year. As a group, equities research analysts anticipate 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.