A number of other analysts also recently weighed in on CRUS. Stifel Nicolaus upped their target price on shares of Cirrus Logic from $70.00 to $73.00 and gave the stock a buy rating in a research report on Wednesday, May 24th. Needham & Company LLC reaffirmed a buy rating and issued a $80.00 target price (up from $70.00) on shares of Cirrus Logic in a research report on Thursday, June 1st. Pacific Crest reaffirmed an overweight rating and issued a $75.00 target price on shares of Cirrus Logic in a research report on Wednesday, June 21st. KeyCorp reaffirmed an overweight rating and issued a $75.00 target price on shares of Cirrus Logic in a research report on Wednesday, July 12th. Finally, Barclays PLC downgraded shares of Cirrus Logic from an equal weight rating to an underweight rating and set a $55.00 price objective on the stock. in a research report on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $68.59.
Cirrus Logic (CRUS) traded up 0.8163% on Wednesday, hitting $57.2838. 259,224 shares of the company were exchanged. The company has a 50 day moving average price of $57.76 and a 200-day moving average price of $61.45. Cirrus Logic has a 52 week low of $48.91 and a 52 week high of $71.97. The stock has a market capitalization of $3.65 billion and a P/E ratio of 13.3966.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.15. The firm had revenue of $320.70 million for the quarter, compared to the consensus estimate of $320.32 million. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The company’s revenue was up 23.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.44 EPS. On average, equities analysts expect that Cirrus Logic will post $4.74 earnings per share for the current fiscal year.
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In other Cirrus Logic news, Director William D. Sherman sold 1,378 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $61.84, for a total transaction of $85,215.52. Following the transaction, the director now owns 7,307 shares in the company, valued at approximately $451,864.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Alan R. Schuele sold 2,000 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $57.30, for a total transaction of $114,600.00. Following the transaction, the director now owns 14,165 shares in the company, valued at approximately $811,654.50. The disclosure for this sale can be found here. Insiders have sold a total of 92,313 shares of company stock worth $5,235,918 in the last 90 days. Company insiders own 1.92% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Fortaleza Asset Management Inc. bought a new position in Cirrus Logic during the 2nd quarter valued at about $102,000. Mckinley Capital Management LLC Delaware bought a new position in Cirrus Logic during the 1st quarter valued at about $174,000. ETRADE Capital Management LLC bought a new position in Cirrus Logic during the 2nd quarter valued at about $201,000. Private Advisor Group LLC bought a new position in Cirrus Logic during the 2nd quarter valued at about $215,000. Finally, Turner Investments LLC bought a new position in Cirrus Logic during the 2nd quarter valued at about $220,000. Institutional investors and hedge funds own 89.15% of the company’s stock.
About Cirrus Logic
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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