Cirrus Logic (CRUS) Lifted to “Buy” at ValuEngine

Cirrus Logic (NASDAQ:CRUS) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

Other equities analysts have also issued research reports about the company. Craig Hallum reiterated a “buy” rating and issued a $44.00 price target (down previously from $47.00) on shares of Cirrus Logic in a research report on Tuesday. MKM Partners decreased their price target on Cirrus Logic to $45.00 and set a “buy” rating for the company in a research report on Tuesday. BidaskClub lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Tuesday. Bank of America set a $29.00 price target on Cirrus Logic and gave the company a “sell” rating in a research report on Tuesday. Finally, Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Tuesday, August 7th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Cirrus Logic currently has a consensus rating of “Hold” and a consensus price target of $45.88.

NASDAQ:CRUS opened at $37.95 on Wednesday. Cirrus Logic has a 1-year low of $34.49 and a 1-year high of $55.13. The firm has a market capitalization of $2.24 billion, a P/E ratio of 10.28, a P/E/G ratio of 1.02 and a beta of 0.50.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Thursday, November 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.34. Cirrus Logic had a return on equity of 15.55% and a net margin of 7.09%. The business had revenue of $366.30 million during the quarter, compared to analyst estimates of $330.27 million. During the same quarter last year, the company posted $1.36 EPS. Cirrus Logic’s revenue for the quarter was down 13.9% on a year-over-year basis. Research analysts expect that Cirrus Logic will post 2.44 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Great Lakes Advisors LLC acquired a new stake in Cirrus Logic during the 3rd quarter worth about $9,400,000. Vanguard Group Inc. boosted its position in Cirrus Logic by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 5,619,593 shares of the semiconductor company’s stock worth $216,916,000 after acquiring an additional 24,334 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its position in Cirrus Logic by 13.4% during the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 240,279 shares of the semiconductor company’s stock worth $9,275,000 after acquiring an additional 28,300 shares during the period. AQR Capital Management LLC boosted its position in Cirrus Logic by 1.9% during the 3rd quarter. AQR Capital Management LLC now owns 2,766,026 shares of the semiconductor company’s stock worth $106,768,000 after acquiring an additional 52,377 shares during the period. Finally, Virginia National Bank acquired a new stake in Cirrus Logic during the 3rd quarter worth about $220,000. Hedge funds and other institutional investors own 90.44% of the company’s stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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