Cirrus Logic, Inc. (NASDAQ:CRUS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, August 7th. The brokerage presently has a $64.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 17.15% from the company’s previous close.
According to Zacks, “Cirrus Logic Inc. is a premier supplier of high performance analog circuits and advanced mixed-signal chip solutions. The company’s products, sold under its own name and the Crystal product brand, enable system-level applications in mass storage, audio and precision data conversion. (PRESS RELEASE) “
A number of other research firms also recently commented on CRUS. Barclays PLC downgraded shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price objective on the stock. in a report on Tuesday, July 18th. Vetr raised shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 price objective on the stock in a report on Thursday, August 3rd. Stifel Nicolaus boosted their price objective on shares of Cirrus Logic from $70.00 to $73.00 and gave the stock a “buy” rating in a report on Wednesday, May 24th. Dougherty & Co boosted their price objective on shares of Cirrus Logic from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, May 4th. Finally, KeyCorp reissued an “overweight” rating and set a $75.00 price objective on shares of Cirrus Logic in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $68.59.
Cirrus Logic (NASDAQ:CRUS) traded down 0.22% during midday trading on Monday, reaching $54.63. 741,264 shares of the company’s stock traded hands. Cirrus Logic has a 1-year low of $47.01 and a 1-year high of $71.97. The company has a market capitalization of $3.49 billion, a PE ratio of 12.78 and a beta of 0.01. The firm’s 50 day moving average price is $61.09 and its 200-day moving average price is $61.30.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.15. The business had revenue of $320.70 million for the quarter, compared to the consensus estimate of $320.32 million. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The business’s quarterly revenue was up 23.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.44 earnings per share. Equities analysts expect that Cirrus Logic will post $4.74 EPS for the current year.
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In other news, CFO Thurman K. Case sold 8,610 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $57.35, for a total value of $493,783.50. Following the completion of the transaction, the chief financial officer now owns 3,880 shares of the company’s stock, valued at $222,518. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Randolph K. Carlson sold 53,332 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $57.10, for a total transaction of $3,045,257.20. Following the completion of the transaction, the vice president now directly owns 27,265 shares of the company’s stock, valued at approximately $1,556,831.50. The disclosure for this sale can be found here. In the last three months, insiders sold 70,787 shares of company stock valued at $4,051,175. Company insiders own 1.92% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Fortaleza Asset Management Inc. purchased a new position in Cirrus Logic during the second quarter worth $102,000. Advisory Services Network LLC purchased a new position in Cirrus Logic during the first quarter worth $108,000. 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 in the last quarter. Mckinley Capital Management LLC Delaware bought a new stake in Cirrus Logic during the first quarter worth about $174,000. Finally, ETRADE Capital Management LLC bought a new stake in Cirrus Logic during the second quarter worth about $201,000. 94.48% of the stock is owned by institutional investors and hedge funds.
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.
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