Canaccord Genuity restated their buy rating on shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in a report issued on Tuesday morning. They currently have a $76.00 price objective on the semiconductor company’s stock.
CRUS has been the topic of a number of other reports. Bank of America Corporation started coverage on shares of Cirrus Logic in a research report on Monday. They issued an underperform rating and a $50.00 target price on the stock. 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. ValuEngine downgraded shares of Cirrus Logic from a buy rating to a hold rating in a research report on Monday. Vetr raised shares of Cirrus Logic from a buy rating to a strong-buy rating and set a $66.67 price objective on the stock in a research report on Thursday, August 3rd. Finally, Stifel Nicolaus raised their price objective 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $67.83.
Cirrus Logic (NASDAQ:CRUS) opened at 56.82 on Tuesday. The stock has a market capitalization of $3.63 billion and a price-to-earnings ratio of 13.29. The firm has a 50-day moving average of $56.87 and a 200 day moving average of $61.54. Cirrus Logic has a 12-month low of $49.05 and a 12-month high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, beating the Zacks’ 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 company had revenue of $320.70 million for the quarter, compared to the consensus estimate of $320.32 million. During the same period in the prior year, the firm posted $0.44 EPS. The company’s quarterly revenue was up 23.6% compared to the same quarter last year. On average, analysts predict that Cirrus Logic will post $4.74 earnings per share for the current fiscal year.
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In other news, Director William D. Sherman sold 1,378 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $451,864.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christine King sold 5,000 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $57.42, for a total transaction of $287,100.00. Following the completion of the sale, the director now owns 16,182 shares of the company’s stock, valued at approximately $929,170.44. The disclosure for this sale can be found here. Insiders sold a total of 97,313 shares of company stock valued at $5,523,018 in the last 90 days. Company insiders own 1.92% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Fortaleza Asset Management Inc. acquired a new stake in shares of Cirrus Logic in the 2nd quarter worth $102,000. Mckinley Capital Management LLC Delaware acquired a new stake in shares of Cirrus Logic in the 1st quarter worth $174,000. ETRADE Capital Management LLC acquired a new stake in shares of Cirrus Logic in the 2nd quarter worth $201,000. Private Advisor Group LLC acquired a new stake in shares of Cirrus Logic in the 2nd quarter worth $215,000. Finally, Turner Investments LLC acquired a new stake in shares of Cirrus Logic in the 2nd quarter worth $220,000. Institutional investors own 89.08% of the company’s stock.
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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