Cirrus Logic Inc. (CRUS) Price Target Increased to $65.00 by Analysts at Canaccord Genuity
Cirrus Logic Inc. (NASDAQ:CRUS) had its target price raised by equities researchers at Canaccord Genuity from $56.00 to $65.00 in a note issued to investors on Tuesday. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s price target suggests a potential upside of 17.50% from the company’s previous close.
A number of other research analysts have also issued reports on the stock. Pacific Crest restated an “equal weight” rating on shares of Cirrus Logic in a research note on Friday, July 29th. Needham & Company LLC upped their price target on shares of Cirrus Logic from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Zacks Investment Research upgraded shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 price target on the stock in a research note on Monday, August 1st. Barclays PLC upped their price target on shares of Cirrus Logic from $35.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Finally, Stifel Nicolaus upped their price target on shares of Cirrus Logic from $46.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Cirrus Logic currently has a consensus rating of “Buy” and a consensus price target of $48.64.
Shares of Cirrus Logic (NASDAQ:CRUS) traded up 2.55% on Tuesday, hitting $56.73. 821,005 shares of the stock traded hands. The stock has a 50 day moving average of $51.23 and a 200 day moving average of $40.30. The company has a market cap of $3.54 billion, a PE ratio of 35.21 and a beta of 0.44. Cirrus Logic has a one year low of $25.09 and a one year high of $58.08.
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Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.28 by $0.16. The firm earned $259.40 million during the quarter, compared to analyst estimates of $236.67 million. Cirrus Logic had a net margin of 9.26% and a return on equity of 14.44%. Cirrus Logic’s revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.54 EPS. Equities analysts anticipate that Cirrus Logic will post $3.24 earnings per share for the current year.
In related news, CEO Jason P. Rhode sold 90,156 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $48.57, for a total transaction of $4,378,876.92. Following the sale, the chief executive officer now directly owns 179,680 shares of the company’s stock, valued at $8,727,057.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Andrew Brannan sold 21,498 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $52.14, for a total transaction of $1,120,905.72. Following the sale, the vice president now directly owns 21,498 shares in the company, valued at $1,120,905.72. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio increased its stake in shares of Cirrus Logic by 6.8% in the second quarter. Public Employees Retirement System of Ohio now owns 3,090 shares of the company’s stock worth $120,000 after buying an additional 196 shares during the period. Shelton Capital Management purchased a new stake in shares of Cirrus Logic during the second quarter worth about $207,000. Bayesian Capital Management LP purchased a new stake in shares of Cirrus Logic during the first quarter worth about $204,000. Bowling Portfolio Management LLC purchased a new stake in shares of Cirrus Logic during the first quarter worth about $209,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Cirrus Logic during the second quarter worth about $225,000. 89.23% of the stock is currently owned by hedge funds and other institutional investors.
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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