Stifel Nicolaus Reaffirms “Buy” Rating for Cirrus Logic, Inc. (NASDAQ:CRUS)

Stifel Nicolaus reiterated their buy rating on shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in a report issued on Wednesday, August 9th. Stifel Nicolaus currently has a $73.00 price objective on the semiconductor company’s stock, down from their previous price objective of $75.00.

Several other brokerages have also recently commented on CRUS. Needham & Company LLC reiterated a buy rating and issued a $80.00 price target (up from $70.00) on shares of Cirrus Logic in a research report on Thursday, June 1st. Barclays PLC cut shares of Cirrus Logic from an equal weight rating to an underweight rating and set a $55.00 price target on the stock. in a research report on Tuesday, July 18th. Dougherty & Co boosted their price target on shares of Cirrus Logic from $65.00 to $70.00 and gave the stock a buy rating in a research report on Thursday, May 4th. KeyCorp reiterated an overweight rating and issued a $75.00 price target on shares of Cirrus Logic in a research report on Wednesday, July 12th. Finally, BidaskClub cut shares of Cirrus Logic from a strong-buy rating to a buy rating in a research report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $68.59.

Cirrus Logic (NASDAQ CRUS) traded down 0.22% during trading on Wednesday, reaching $54.63. 741,264 shares of the company’s stock traded hands. Cirrus Logic has a 12 month low of $47.01 and a 12 month high of $71.97. The stock has a market capitalization of $3.49 billion, a P/E ratio of 12.78 and a beta of 0.01. The company has a 50-day moving average of $61.09 and a 200 day moving average of $61.30.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The firm had revenue of $320.70 million for the quarter, compared to analysts’ expectations of $320.32 million. During the same period in the previous year, the business earned $0.44 earnings per share. Cirrus Logic’s revenue for the quarter was up 23.6% compared to the same quarter last year. On average, equities research analysts expect that Cirrus Logic will post $4.74 earnings per share for the current fiscal year.

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In other news, VP Randolph K. Carlson sold 53,332 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $57.10, for a total value of $3,045,257.20. Following the transaction, the vice president now owns 27,265 shares in the company, valued at approximately $1,556,831.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christine King sold 5,000 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $56.31, for a total value of $281,550.00. Following the completion of the transaction, the director now owns 16,182 shares in the company, valued at approximately $911,208.42. The disclosure for this sale can be found here. Insiders sold a total of 70,787 shares of company stock worth $4,051,175 in the last quarter. 1.92% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of the stock. Fortaleza Asset Management Inc. acquired a new position in shares of Cirrus Logic during the second quarter worth $102,000. Advisory Services Network LLC acquired a new position in shares of Cirrus Logic during the first quarter worth $108,000. Huntington National Bank increased its position in shares of 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 acquired a new position in shares of Cirrus Logic during the first quarter worth $174,000. Finally, ETRADE Capital Management LLC acquired a new position in shares of Cirrus Logic during the second quarter worth $201,000. Institutional investors own 94.48% of the company’s stock.

About Cirrus Logic

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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