Benchmark assumed coverage on shares of Cirrus Logic (NASDAQ:CRUS) in a report published on Thursday morning, BenzingaRatingsTable reports. The firm issued a buy rating and a $62.00 target price on the semiconductor company’s stock.
A number of other brokerages also recently issued reports on CRUS. BidaskClub upgraded Cirrus Logic from a buy rating to a strong-buy rating in a research report on Tuesday. Needham & Company LLC reiterated a hold rating on shares of Cirrus Logic in a research report on Monday, August 5th. Stifel Nicolaus lifted their price target on Cirrus Logic from $53.00 to $54.00 and gave the company a buy rating in a research report on Thursday, August 1st. Cowen reissued a market perform rating and set a $56.00 price objective (up from $48.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Finally, Bank of America reissued an underperform rating and set a $46.00 price objective (up from $40.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $51.44.
Shares of CRUS traded down $0.62 during trading hours on Thursday, reaching $55.58. 342,508 shares of the company’s stock traded hands, compared to its average volume of 694,719. The stock has a market cap of $3.26 billion, a PE ratio of 27.11, a price-to-earnings-growth ratio of 1.76 and a beta of 0.90. The company has a current ratio of 4.30, a quick ratio of 3.18 and a debt-to-equity ratio of 0.12. The firm’s 50 day simple moving average is $53.11 and its 200-day simple moving average is $45.50. Cirrus Logic has a 12 month low of $31.25 and a 12 month high of $60.00.
In other Cirrus Logic news, VP Scott Arnold Anderson sold 19,818 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $54.78, for a total value of $1,085,630.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jason P. Rhode sold 128,847 shares of Cirrus Logic stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $52.14, for a total value of $6,718,082.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 166,248 shares of company stock worth $8,651,159. 2.79% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC purchased a new position in Cirrus Logic in the 2nd quarter worth approximately $33,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Cirrus Logic in the 2nd quarter worth approximately $44,000. Meeder Asset Management Inc. increased its stake in Cirrus Logic by 210.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 1,525 shares of the semiconductor company’s stock worth $67,000 after purchasing an additional 1,034 shares during the period. US Bancorp DE increased its stake in Cirrus Logic by 106.1% in the 2nd quarter. US Bancorp DE now owns 2,117 shares of the semiconductor company’s stock worth $92,000 after purchasing an additional 1,090 shares during the period. Finally, Crossmark Global Holdings Inc. purchased a new position in Cirrus Logic in the 1st quarter worth approximately $221,000. 86.17% of the stock is currently owned by institutional investors and hedge funds.
About Cirrus Logic
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.
Further Reading: Return on Investment (ROI)
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