Cirrus Logic Inc. (NASDAQ:CRUS) Receives Average Recommendation of “Buy” from Analysts
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) have earned an average rating of “Buy” from the twelve brokerages that are covering the firm. Two research analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $49.50.
A number of brokerages have recently commented on CRUS. Stifel Nicolaus restated a “buy” rating and issued a $46.00 price target (up from $44.00) on shares of Cirrus Logic in a report on Wednesday, June 1st. Pacific Crest restated an “equal weight” rating on shares of Cirrus Logic in a report on Friday, July 29th. Needham & Company LLC boosted their price target on Cirrus Logic from $50.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Canaccord Genuity boosted their price target on Cirrus Logic from $56.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Barclays PLC boosted their price target on Cirrus Logic from $35.00 to $38.00 and gave the company an “equal weight” rating in a report on Thursday, July 28th.
In other news, VP Scott Arnold Anderson sold 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $48.82, for a total value of $1,952,800.00. Following the transaction, the vice president now owns 36,966 shares of the company’s stock, valued at $1,804,680.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David J. Tupman sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $40.62, for a total value of $60,930.00. Following the completion of the transaction, the director now directly owns 2,500 shares in the company, valued at approximately $101,550. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.
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Several institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio increased 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 during the last quarter. Shelton Capital Management purchased a new position in Cirrus Logic during the second quarter valued at approximately $207,000. Bayesian Capital Management LP purchased a new position in Cirrus Logic during the first quarter valued at approximately $204,000. Bowling Portfolio Management LLC purchased a new position in Cirrus Logic during the first quarter valued at approximately $209,000. Finally, Janney Montgomery Scott LLC purchased a new position in Cirrus Logic during the second quarter valued at approximately $225,000. 89.23% of the stock is currently owned by institutional investors.
Shares of Cirrus Logic (NASDAQ:CRUS) traded up 1.292% on Tuesday, hitting $56.035. The stock had a trading volume of 1,557,199 shares. The firm’s 50 day moving average is $51.23 and its 200-day moving average is $40.30. Cirrus Logic has a one year low of $25.09 and a one year high of $58.08. The stock has a market capitalization of $3.50 billion, a PE ratio of 34.783 and a beta of 0.44.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.16. The company had revenue of $259.40 million for the quarter, compared to analyst estimates of $236.67 million. Cirrus Logic had a return on equity of 14.44% and a net margin of 9.26%. The company’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 earnings per share. Equities research analysts expect that Cirrus Logic will post $3.24 earnings per share for the current fiscal year.
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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