Several other research firms have also weighed in on CRUS. Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $70.00 to $73.00 and gave the company a buy rating in a research note on Wednesday, May 24th. Vetr upgraded shares of Cirrus Logic from a buy rating to a strong-buy rating and set a $66.67 target price for the company in a research note on Thursday, August 3rd. Zacks Investment Research lowered shares of Cirrus Logic from a buy rating to a hold rating in a research note on Tuesday, August 8th. Needham & Company LLC reiterated a buy rating and set a $80.00 target price (up previously from $70.00) on shares of Cirrus Logic in a research note on Thursday, June 1st. Finally, Barclays PLC lowered shares of Cirrus Logic from an equal weight rating to an underweight rating and set a $55.00 target price for the company. in a research note on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $68.59.
Shares of Cirrus Logic (CRUS) traded up 1.14% during mid-day trading on Thursday, reaching $57.85. 1,031,534 shares of the company were exchanged. The company’s 50-day moving average is $57.19 and its 200 day moving average is $61.40. Cirrus Logic has a 12 month low of $49.05 and a 12 month high of $71.97. The firm has a market capitalization of $3.69 billion and a price-to-earnings ratio of 13.53.
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, beating the consensus estimate of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The firm had revenue of $320.70 million during the quarter, compared to analyst estimates of $320.32 million. During the same quarter in the previous year, the firm earned $0.44 earnings per share. The firm’s revenue for the quarter was up 23.6% compared to the same quarter last year. Analysts predict that Cirrus Logic will post $4.74 EPS for the current year.
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In related 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 value of $85,215.52. Following the completion of the sale, the director now owns 7,307 shares of the company’s stock, valued at $451,864.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Andrew Brannan sold 21,504 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $55.10, for a total transaction of $1,184,870.40. Following the completion of the sale, the vice president now directly owns 21,504 shares of the company’s stock, valued at approximately $1,184,870.40. The disclosure for this sale can be found here. Insiders have sold 92,313 shares of company stock valued at $5,235,918 in the last 90 days. Insiders own 1.92% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CRUS. Fortaleza Asset Management Inc. acquired a new stake in Cirrus Logic in the second quarter worth about $102,000. Mckinley Capital Management LLC Delaware acquired a new stake in Cirrus Logic in the first quarter worth about $174,000. ETRADE Capital Management LLC acquired a new stake in Cirrus Logic in the second quarter worth about $201,000. Private Advisor Group LLC acquired a new stake in Cirrus Logic in the second quarter worth about $215,000. Finally, Turner Investments LLC acquired a new stake in Cirrus Logic in the second quarter worth about $220,000. 89.15% of the stock is owned by institutional investors and hedge funds.
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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