Miura Global Management LLC Takes Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Miura Global Management LLC acquired a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,000 shares of the semiconductor company’s stock, valued at approximately $621,000. Cirrus Logic comprises 0.7% of Miura Global Management LLC’s investment portfolio, making the stock its 22nd biggest position.

A number of other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC raised its holdings in shares of 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 during the period. LSV Asset Management boosted its stake 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 valued at $241,340,000 after acquiring an additional 486,086 shares during the period. Earnest Partners LLC grew its holdings in shares of Cirrus Logic by 3.0% during the second quarter. Earnest Partners LLC now owns 1,358,140 shares of the semiconductor company’s stock valued at $173,380,000 after purchasing an additional 39,759 shares during the last quarter. Pacer Advisors Inc. raised its position 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 period. Finally, Sei Investments Co. raised 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 worth $96,587,000 after purchasing an additional 59,690 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Barclays cut their price objective on shares of 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. Stifel Nicolaus decreased their price objective on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Loop Capital began coverage on Cirrus Logic in a research note on Tuesday, November 12th. They set a “buy” rating and a $130.00 target price on the stock. StockNews.com raised Cirrus Logic from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Susquehanna upped their price objective on shares of Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a report on Monday, November 18th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $132.50.

Cirrus Logic Stock Down 2.1 %

NASDAQ:CRUS opened at $105.60 on Wednesday. The stock has a fifty day simple moving average of $113.57 and a 200 day simple moving average of $123.42. The firm has a market capitalization of $5.61 billion, a price-to-earnings ratio of 17.90 and a beta of 0.93. Cirrus Logic, Inc. has a 1-year low of $75.57 and a 1-year high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share (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 business had revenue of $541.90 million for the quarter, compared to analyst estimates of $520.53 million. During the same quarter in the previous year, the business earned $1.43 earnings per share. The firm’s revenue was up 12.6% compared to the same quarter last year. Equities analysts predict that Cirrus Logic, Inc. will post 5.21 earnings per share for the current 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.