Needham & Company LLC Raises Cirrus Logic (NASDAQ:CRUS) Price Target to $97.00

Cirrus Logic (NASDAQ:CRUS – Get Rating) had its price objective raised by Needham & Company LLC from $85.00 to $97.00 in a research report report published on Wednesday, Marketbeat.com reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

A number of other brokerages have also recently commented on CRUS. Susquehanna Bancshares reduced their target price on shares of Cirrus Logic to $110.00 in a report on Monday, July 25th. StockNews.com raised shares of Cirrus Logic from a hold rating to a strong-buy rating in a research note on Thursday, May 12th. Stifel Nicolaus increased their price objective on shares of Cirrus Logic from $112.00 to $120.00 in a research note on Wednesday, May 4th. Barclays reduced their price objective on shares of Cirrus Logic from $120.00 to $105.00 and set an overweight rating for the company in a research note on Monday, July 25th. Finally, KeyCorp reduced their price objective on shares of Cirrus Logic from $120.00 to $105.00 in a research note on Wednesday, May 4th. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $102.60.

Cirrus Logic Trading Down 2.2 %

Shares of CRUS stock opened at $85.78 on Wednesday. Cirrus Logic has a 12 month low of $67.03 and a 12 month high of $95.84. The stock has a market cap of $4.80 billion, a P/E ratio of 14.49, a P/E/G ratio of 6.95 and a beta of 0.97. The company has a 50 day simple moving average of $76.84 and a two-hundred day simple moving average of $80.10.

Cirrus Logic (NASDAQ:CRUS – Get Rating) last announced its earnings results on Tuesday, May 3rd. The semiconductor company reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.60. Cirrus Logic had a net margin of 18.38% and a return on equity of 24.68%. The business had revenue of $498.97 million during the quarter, compared to analysts’ expectations of $420.19 million. During the same period in the prior year, the company earned $0.47 earnings per share. The firm’s revenue was up 70.0% on a year-over-year basis. As a group, equities analysts forecast that Cirrus Logic will post 4.63 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Justin E. Dougherty sold 4,039 shares of the company’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $80.94, for a total transaction of $326,916.66. Following the completion of the transaction, the vice president now owns 5,673 shares in the company, valued at $459,172.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cirrus Logic news, VP Justin E. Dougherty sold 4,039 shares of the stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $80.94, for a total transaction of $326,916.66. Following the completion of the transaction, the vice president now owns 5,673 shares in the company, valued at $459,172.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Carl Jackson Alberty sold 1,823 shares of the stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $88.24, for a total transaction of $160,861.52. Following the transaction, the vice president now owns 33,014 shares of the company’s stock, valued at approximately $2,913,155.36. The disclosure for this sale can be found here. 0.89% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cirrus Logic

Several institutional investors have recently bought and sold shares of CRUS. Parallel Advisors LLC lifted its position in Cirrus Logic by 50.0% during the second quarter. Parallel Advisors LLC now owns 459 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 153 shares during the last quarter. C M Bidwell & Associates Ltd. bought a new position in Cirrus Logic during the first quarter valued at $40,000. Nisa Investment Advisors LLC lifted its holdings in shares of Cirrus Logic by 500.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 480 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 400 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Cirrus Logic in the 4th quarter worth about $44,000. Finally, Covestor Ltd bought a new stake in shares of Cirrus Logic in the 4th quarter worth about $59,000. Institutional investors own 86.74% of the company’s stock.

Cirrus Logic Company Profile

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Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processer; boosted amplifiers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, hearing augmentation, and active noise cancellation.