Retirement Systems of Alabama Has $10.63 Million Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Retirement Systems of Alabama reduced its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 1.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 85,581 shares of the semiconductor company’s stock after selling 1,688 shares during the quarter. Retirement Systems of Alabama owned about 0.16% of Cirrus Logic worth $10,630,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Franklin Resources Inc. increased its stake in shares of Cirrus Logic by 60.1% during the third quarter. Franklin Resources Inc. now owns 167,258 shares of the semiconductor company’s stock worth $20,625,000 after purchasing an additional 62,757 shares during the period. Tidal Investments LLC increased its position in Cirrus Logic by 118.7% during the 3rd quarter. Tidal Investments LLC now owns 14,767 shares of the semiconductor company’s stock worth $1,834,000 after buying an additional 8,016 shares during the period. Sanctuary Advisors LLC lifted its holdings in shares of Cirrus Logic by 50.0% during the third quarter. Sanctuary Advisors LLC now owns 11,850 shares of the semiconductor company’s stock worth $1,472,000 after buying an additional 3,948 shares in the last quarter. Westside Investment Management Inc. acquired a new position in shares of Cirrus Logic in the third quarter valued at about $35,000. Finally, Virtu Financial LLC bought a new position in Cirrus Logic during the third quarter worth about $941,000. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $105.63 on Tuesday. Cirrus Logic, Inc. has a 52 week low of $75.92 and a 52 week high of $147.46. The stock has a market capitalization of $5.61 billion, a P/E ratio of 17.90 and a beta of 0.93. The stock has a fifty day moving average of $110.53 and a 200-day moving average of $122.81.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Monday, November 4th. The semiconductor company reported $2.25 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $520.53 million. During the same quarter in the previous year, the firm earned $1.43 earnings per share. The business’s quarterly revenue was up 12.6% on a year-over-year basis. On average, research analysts forecast that Cirrus Logic, Inc. will post 5.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CRUS. Susquehanna boosted their price objective on shares of 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 target on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Loop Capital initiated coverage on Cirrus Logic in a report on Tuesday, November 12th. They issued a “buy” rating and a $130.00 price objective for the company. Barclays reduced their target price on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 5th. Finally, StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $132.50.

Cirrus Logic 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.