Cirrus Logic, Inc. (CRUS) Stock Rating Reaffirmed by Needham & Company LLC

Cirrus Logic, Inc. (NASDAQ:CRUS)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a report released on Friday, April 14th. They currently have a $70.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price target points to a potential upside of 10.15% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Canaccord Genuity reaffirmed a “buy” rating and set a $68.00 target price on shares of Cirrus Logic in a research note on Monday, March 6th. MKM Partners initiated coverage on Cirrus Logic in a research note on Wednesday, February 22nd. They set a “buy” rating and a $65.00 target price on the stock. Pacific Crest reiterated an “equal weight” rating on shares of Cirrus Logic in a report on Monday, February 6th. Craig Hallum boosted their price target on Cirrus Logic from $60.00 to $63.00 and gave the company a “hold” rating in a report on Thursday, February 2nd. Finally, Zacks Investment Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 28th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Cirrus Logic presently has an average rating of “Buy” and an average price target of $65.58.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

Cirrus Logic (NASDAQ:CRUS) traded up 2.22% during midday trading on Friday, hitting $64.96. The stock had a trading volume of 436,603 shares. The company has a market cap of $4.17 billion, a P/E ratio of 16.57 and a beta of 0.11. The firm’s 50-day moving average price is $63.75 and its 200 day moving average price is $58.38. Cirrus Logic has a 12 month low of $32.93 and a 12 month high of $67.47.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, May 3rd. The semiconductor company reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.14. The company had revenue of $327.86 million for the quarter, compared to analysts’ expectations of $320.94 million. Cirrus Logic had a return on equity of 25.10% and a net margin of 15.94%. The firm’s revenue for the quarter was up 41.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 earnings per share. On average, analysts expect that Cirrus Logic will post $4.56 earnings per share for the current fiscal year.

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In other news, Director Christine King sold 7,000 shares of the stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $63.73, for a total transaction of $446,110.00. Following the sale, the director now directly owns 8,126 shares of the company’s stock, valued at approximately $517,869.98. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Bradley J. Fluke sold 19,459 shares of the stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $64.48, for a total transaction of $1,254,716.32. Following the sale, the vice president now directly owns 15,063 shares in the company, valued at $971,262.24. The disclosure for this sale can be found here. Insiders have sold a total of 96,895 shares of company stock worth $6,197,439 over the last ninety days. 3.10% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of CRUS. Advisory Services Network LLC bought a new position in shares of Cirrus Logic during the first quarter worth $108,000. Advisor Group Inc. raised its position in Cirrus Logic by 84.1% in the third quarter. Advisor Group Inc. now owns 2,145 shares of the semiconductor company’s stock worth $113,000 after buying an additional 980 shares during the period. Huntington National Bank raised its position in Cirrus Logic by 0.5% in the first quarter. Huntington National Bank now owns 2,442 shares of the semiconductor company’s stock worth $148,000 after buying an additional 11 shares during the period. Mckinley Capital Management LLC Delaware acquired a new position in Cirrus Logic during the first quarter worth $174,000. Finally, Elkfork Partners LLC acquired a new position in Cirrus Logic during the fourth quarter worth $176,000. 88.60% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Company Profile

Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.

5 Day Chart for NASDAQ:CRUS

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