Cirrus Logic Inc. (CRUS) PT Raised to $62.00
Cirrus Logic Inc. (NASDAQ:CRUS) had its price target raised by Stifel Nicolaus from $58.00 to $62.00 in a research note issued on Thursday. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 14.60% from the company’s current price.
Several other research firms also recently commented on CRUS. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $45.00 target price on shares of Cirrus Logic in a research report on Wednesday, July 27th. Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a research report on Monday, August 29th. Zacks Investment Research downgraded Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 27th. Canaccord Genuity upped their target price on Cirrus Logic from $56.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, September 20th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 target price on shares of Cirrus Logic in a research report on Thursday, August 4th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $49.50.
Shares of Cirrus Logic (NASDAQ:CRUS) opened at 54.10 on Thursday. Cirrus Logic has a 12-month low of $25.09 and a 12-month high of $58.08. The company’s 50-day moving average price is $52.53 and its 200-day moving average price is $42.46. The firm has a market capitalization of $3.38 billion, a PE ratio of 33.58 and a beta of 0.41.
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Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, July 27th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.28 by $0.16. Cirrus Logic had a return on equity of 14.44% and a net margin of 9.26%. The company had revenue of $259.40 million for the quarter, compared to the consensus estimate of $236.67 million. During the same quarter in the prior year, the business earned $0.54 earnings per share. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis. Analysts anticipate that Cirrus Logic will post $3.28 EPS for the current year.
In other Cirrus Logic news, VP Bradley J. Fluke sold 32,473 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $48.36, for a total transaction of $1,570,394.28. Following the completion of the sale, the vice president now directly owns 22,473 shares in the company, valued at $1,086,794.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Andrew Brannan sold 21,498 shares of the company’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $52.14, for a total value of $1,120,905.72. Following the sale, the vice president now owns 21,498 shares of the company’s stock, valued at $1,120,905.72. The disclosure for this sale can be found here. 3.10% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in CRUS. Sheaff Brock Investment Advisors LLC boosted its stake in Cirrus Logic by 1.3% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 8,170 shares of the company’s stock valued at $317,000 after buying an additional 105 shares during the last quarter. Boston Advisors LLC boosted its stake in Cirrus Logic by 0.7% in the second quarter. Boston Advisors LLC now owns 17,625 shares of the company’s stock valued at $684,000 after buying an additional 115 shares during the last quarter. PineBridge Investments L.P. boosted its stake in Cirrus Logic by 2.3% in the second quarter. PineBridge Investments L.P. now owns 7,892 shares of the company’s stock valued at $306,000 after buying an additional 179 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake 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. Finally, Juncture Wealth Strategies LLC boosted its stake in Cirrus Logic by 1.2% in the second quarter. Juncture Wealth Strategies LLC now owns 32,614 shares of the company’s stock valued at $1,265,000 after buying an additional 390 shares during the last quarter. Hedge funds and other institutional investors own 89.23% 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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