Cirrus Logic, Inc. (NASDAQ:CRUS) was upgraded by analysts at Pacific Crest from a “sector weight” rating to an “overweight” rating in a report issued on Tuesday. The firm presently has a $75.00 price objective on the semiconductor company’s stock. Pacific Crest’s price target suggests a potential upside of 18.67% from the company’s previous close.
Several other equities research analysts have also recently commented on CRUS. Stifel Nicolaus reaffirmed a “buy” rating and issued a $68.00 target price on shares of Cirrus Logic in a research report on Tuesday, December 6th. Susquehanna Bancshares Inc started coverage on shares of Cirrus Logic in a research report on Tuesday, December 20th. They issued a “positive” rating and a $67.00 target price for the company. Zacks Investment Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 28th. Canaccord Genuity reissued a “buy” rating and set a $70.00 price target on shares of Cirrus Logic in a research report on Tuesday, January 31st. Finally, Needham & Company LLC raised their price objective on shares of Cirrus Logic from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, February 2nd. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $65.18.
Shares of Cirrus Logic (NASDAQ:CRUS) traded up 1.55% on Tuesday, hitting $64.18. The stock had a trading volume of 483,062 shares. Cirrus Logic has a 12-month low of $31.00 and a 12-month high of $66.10. The firm has a market capitalization of $4.12 billion, a P/E ratio of 17.70 and a beta of 0.11. The company has a 50 day moving average of $59.14 and a 200-day moving average of $56.75.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, February 1st. The semiconductor company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.34. The business had revenue of $523 million for the quarter, compared to analyst estimates of $495.22 million. Cirrus Logic had a net margin of 15.94% and a return on equity of 25.10%. The company’s revenue was up 50.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.82 EPS. Equities analysts predict that Cirrus Logic will post $4.36 EPS for the current fiscal year.
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In other news, VP Randolph K. Carlson sold 17,880 shares of the business’s stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $55.98, for a total value of $1,000,922.40. Following the transaction, the vice president now owns 25,145 shares of the company’s stock, valued at $1,407,617.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alan R. Schuele sold 2,500 shares of the business’s stock in a transaction on Monday, January 30th. The stock was sold at an average price of $60.38, for a total transaction of $150,950.00. Following the completion of the transaction, the director now directly owns 13,109 shares in the company, valued at approximately $791,521.42. The disclosure for this sale can be found here. Insiders have sold 27,240 shares of company stock worth $1,535,495 in the last ninety days. Insiders own 3.10% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Huntington National Bank increased its stake in Cirrus Logic by 0.5% in the first quarter. Huntington National Bank now owns 2,442 shares of the semiconductor company’s stock worth $148,000 after buying an additional 11 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in Cirrus Logic by 2.5% in the first quarter. Louisiana State Employees Retirement System now owns 16,200 shares of the semiconductor company’s stock worth $983,000 after buying an additional 400 shares during the last quarter. Capstone Asset Management Co. increased its stake in Cirrus Logic by 3.8% in the first quarter. Capstone Asset Management Co. now owns 8,289 shares of the semiconductor company’s stock worth $503,000 after buying an additional 300 shares during the last quarter. Teachers Advisors LLC boosted its position in Cirrus Logic by 12.3% in the fourth quarter. Teachers Advisors LLC now owns 137,054 shares of the semiconductor company’s stock worth $7,749,000 after buying an additional 14,962 shares during the period. Finally, USA Financial Portformulas Corp boosted its position in Cirrus Logic by 86.1% in the fourth quarter. USA Financial Portformulas Corp now owns 19,486 shares of the semiconductor company’s stock worth $1,102,000 after buying an additional 9,013 shares during the period. 88.60% of the stock is currently owned by institutional investors.
Cirrus Logic Company Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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