Cirrus Logic Inc. (CRUS) PT Raised to $65.00
Cirrus Logic Inc. (NASDAQ:CRUS) had its price target upped by analysts 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 objective would suggest a potential upside of 17.50% from the stock’s current price.
Several other brokerages also recently issued reports on CRUS. Stifel Nicolaus reissued a “buy” rating and issued a $46.00 price objective (up previously from $44.00) on shares of Cirrus Logic in a research note on Wednesday, June 1st. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $45.00 price objective on shares of Cirrus Logic in a research note on Wednesday, July 27th. Pacific Crest reissued an “equal weight” rating on shares of Cirrus Logic in a research note on Monday, August 29th. Needham & Company LLC reissued a “buy” rating and issued a $55.00 price objective on shares of Cirrus Logic in a research note on Thursday, August 4th. Finally, Barclays PLC raised their price objective on shares of Cirrus Logic from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 28th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $48.64.
Cirrus Logic (NASDAQ:CRUS) traded up 2.64% during mid-day trading on Tuesday, hitting $56.78. The company had a trading volume of 822,525 shares. The company has a 50 day moving average of $51.23 and a 200 day moving average of $40.30. Cirrus Logic has a 1-year low of $25.09 and a 1-year high of $58.08. The firm has a market capitalization of $3.55 billion, a PE ratio of 35.25 and a beta of 0.44.
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Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.16. The business earned $259.40 million during the quarter, compared to the consensus estimate of $236.67 million. Cirrus Logic had a net margin of 9.26% and a return on equity of 14.44%. The firm’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.54 earnings per share. Analysts predict that Cirrus Logic will post $3.24 earnings per share for the current fiscal year.
In other Cirrus Logic news, VP Andrew Brannan sold 21,498 shares of Cirrus Logic stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $52.14, for a total value of $1,120,905.72. Following the transaction, the vice president now directly owns 21,498 shares of the company’s stock, valued at $1,120,905.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jason P. Rhode sold 90,156 shares of Cirrus Logic stock in a transaction on Monday, September 12th. The stock was sold at an average price of $48.57, for a total transaction of $4,378,876.92. Following the completion of the transaction, the chief executive officer now directly owns 179,680 shares in the company, valued at $8,727,057.60. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. raised its position in Cirrus Logic by 1.4% in the second quarter. Macquarie Group Ltd. now owns 1,072,071 shares of the company’s stock valued at $41,586,000 after buying an additional 14,601 shares in the last quarter. Mason Street Advisors LLC purchased a new position in Cirrus Logic during the second quarter valued at about $472,000. Public Employees Retirement System of Ohio raised its position in 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 valued at $120,000 after buying an additional 196 shares in the last quarter. Sterling Capital Management LLC raised its position in Cirrus Logic by 63.0% in the second quarter. Sterling Capital Management LLC now owns 38,241 shares of the company’s stock valued at $1,483,000 after buying an additional 14,783 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in Cirrus Logic by 3.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 276,839 shares of the company’s stock valued at $10,739,000 after buying an additional 8,082 shares in the last quarter. 89.23% of the stock is currently 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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