Cirrus Logic (CRUS) Reaches New 1-Year High at $45.80

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $45.80 and last traded at $45.50, with a volume of 23233 shares. The stock had previously closed at $44.73.

Several analysts have recently weighed in on the company. Zacks Investment Research raised Cirrus Logic from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 2nd. ValuEngine downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a report on Friday, January 4th. BidaskClub raised Cirrus Logic from a “hold” rating to a “buy” rating in a report on Wednesday, January 16th. Craig Hallum downgraded Cirrus Logic from a “buy” rating to a “hold” rating and reduced their target price for the company from $44.00 to $38.00 in a report on Thursday, January 31st. Finally, TheStreet downgraded Cirrus Logic from a “b-” rating to a “c” rating in a report on Friday, February 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $42.13.

The company has a market cap of $2.68 billion, a P/E ratio of 12.53, a P/E/G ratio of 2.31 and a beta of 0.60.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, January 30th. The semiconductor company reported $0.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.13. The firm had revenue of $324.30 million during the quarter, compared to the consensus estimate of $319.37 million. Cirrus Logic had a return on equity of 11.88% and a net margin of 7.68%. The firm’s revenue was down 32.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.59 EPS. On average, equities research analysts predict that Cirrus Logic, Inc. will post 1.72 EPS for the current fiscal year.

Cirrus Logic announced that its board has approved a stock buyback plan on Wednesday, January 30th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 8.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

In other Cirrus Logic news, VP Randolph K. Carlson sold 10,848 shares of the business’s stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $37.43, for a total transaction of $406,040.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Timothy R. Dehne sold 3,056 shares of the business’s stock in a transaction that occurred on Tuesday, February 5th. The stock was sold at an average price of $38.72, for a total value of $118,328.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,870 shares of company stock valued at $799,247. 2.32% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the stock. Pearl River Capital LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at approximately $32,000. Huntington National Bank purchased a new position in shares of Cirrus Logic in the 4th quarter worth $68,000. Advisor Group Inc. raised its position in shares of Cirrus Logic by 71.8% in the 4th quarter. Advisor Group Inc. now owns 2,166 shares of the semiconductor company’s stock worth $71,000 after buying an additional 905 shares during the period. Strs Ohio raised its position in shares of Cirrus Logic by 316.7% in the 4th quarter. Strs Ohio now owns 2,500 shares of the semiconductor company’s stock worth $82,000 after buying an additional 1,900 shares during the period. Finally, Captrust Financial Advisors raised its position in shares of Cirrus Logic by 85.5% in the 4th quarter. Captrust Financial Advisors now owns 2,641 shares of the semiconductor company’s stock worth $88,000 after buying an additional 1,217 shares during the period. 89.42% of the stock is currently owned by hedge funds and other institutional investors.

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About Cirrus Logic (NASDAQ:CRUS)

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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