Cirrus Logic, Inc. (CRUS) Stock Rating Reaffirmed by Canaccord Genuity

Cirrus Logic, Inc. (NASDAQ:CRUS)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity in a report released on Friday. They currently have a $76.00 price target on the semiconductor company’s stock. Canaccord Genuity’s target price would indicate a potential upside of 34.70% from the company’s current price.

A number of other equities analysts have also commented on CRUS. KeyCorp restated an “overweight” rating and issued a $75.00 price target on shares of Cirrus Logic in a research report on Wednesday, July 12th. Barclays PLC lowered 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. BidaskClub lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus restated a “buy” rating and issued a $75.00 price target on shares of Cirrus Logic in a research report on Thursday, August 3rd. Finally, Vetr upgraded shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 price target on the stock in a research report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $67.05.

Shares of Cirrus Logic (NASDAQ CRUS) opened at $56.42 on Friday. Cirrus Logic has a 12-month low of $49.05 and a 12-month high of $71.97. The firm has a market cap of $3,591.98, a PE ratio of 12.88, a PEG ratio of 1.03 and a beta of 0.05.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.16. The firm had revenue of $425.50 million for the quarter, compared to analyst estimates of $410.32 million. Cirrus Logic had a net margin of 17.11% and a return on equity of 25.71%. The company’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.35 earnings per share. equities research analysts expect that Cirrus Logic will post 4.25 EPS for the current year.

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In other Cirrus Logic news, VP Bradley J. Fluke sold 7,325 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $53.44, for a total value of $391,448.00. Following the completion of the transaction, the vice president now directly owns 12,000 shares of the company’s stock, valued at $641,280. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Randolph K. Carlson sold 53,332 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was 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 $1,556,831.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,309 shares of company stock valued at $6,101,096. Insiders own 1.92% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CRUS. Old Mutual Global Investors UK Ltd. raised its stake in shares of Cirrus Logic by 187.2% during the third quarter. Old Mutual Global Investors UK Ltd. now owns 870,484 shares of the semiconductor company’s stock worth $46,414,000 after buying an additional 567,354 shares during the last quarter. LSV Asset Management raised its stake in shares of Cirrus Logic by 27.3% during the second quarter. LSV Asset Management now owns 2,597,827 shares of the semiconductor company’s stock worth $162,935,000 after buying an additional 557,048 shares during the last quarter. Koch Industries Inc. raised its stake in shares of Cirrus Logic by 3,884.7% during the second quarter. Koch Industries Inc. now owns 494,467 shares of the semiconductor company’s stock worth $487,000 after buying an additional 482,058 shares during the last quarter. Prudential Financial Inc. raised its stake in shares of Cirrus Logic by 69.6% during the third quarter. Prudential Financial Inc. now owns 967,033 shares of the semiconductor company’s stock worth $51,562,000 after buying an additional 396,890 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Cirrus Logic by 111.7% during the second quarter. JPMorgan Chase & Co. now owns 565,509 shares of the semiconductor company’s stock worth $35,470,000 after buying an additional 298,388 shares during the last quarter. 89.48% of the stock is owned by institutional investors and hedge funds.

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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