Cirrus Logic (NASDAQ:CRUS) Receives New Coverage from Analysts at Benchmark

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.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.21. The firm had revenue of $238.25 million during the quarter, compared to the consensus estimate of $221.08 million. Cirrus Logic had a return on equity of 10.96% and a net margin of 8.46%. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter last year, the company posted $0.28 EPS. As a group, analysts expect that Cirrus Logic will post 2.08 earnings per share for the current fiscal year.

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)

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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