Cirrus Logic, Inc. (NASDAQ:CRUS) had its price objective increased by equities research analysts at Stifel Nicolaus from $70.00 to $73.00 in a research report issued on Wednesday. The firm currently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ target price indicates a potential upside of 12.32% from the company’s previous close.

Several other equities research analysts have also issued reports on the company. Dougherty & Co raised their target price on Cirrus Logic from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, May 4th. Vetr lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating and set a $70.00 price objective for the company. in a report on Tuesday, April 18th. Needham & Company LLC reissued a “buy” rating and issued a $70.00 price objective on shares of Cirrus Logic in a report on Friday, April 14th. Pacific Crest raised Cirrus Logic from a “sector weight” rating to an “overweight” rating and set a $75.00 price objective for the company in a report on Tuesday, April 4th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $68.00 price objective on shares of Cirrus Logic in a report on Monday, March 6th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Cirrus Logic currently has a consensus rating of “Buy” and an average price target of $66.00.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

Shares of Cirrus Logic (NASDAQ:CRUS) traded up 0.98% during midday trading on Wednesday, hitting $65.63. 175,236 shares of the stock were exchanged. The stock’s 50-day moving average price is $64.12 and its 200-day moving average price is $58.65. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of 16.74 and a beta of 0.11. Cirrus Logic has a 1-year low of $34.82 and a 1-year high of $67.47.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.14. Cirrus Logic had a return on equity of 25.10% and a net margin of 15.94%. The firm had revenue of $327.86 million during the quarter, compared to analyst estimates of $320.94 million. During the same period last year, the firm posted $0.38 EPS. The business’s revenue was up 41.3% compared to the same quarter last year. On average, analysts forecast that Cirrus Logic will post $4.56 EPS for the current year.

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In other Cirrus Logic news, VP Bradley J. Fluke sold 19,459 shares of Cirrus Logic stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $64.48, for a total transaction of $1,254,716.32. Following the completion of the transaction, the vice president now owns 15,063 shares of the company’s stock, valued at approximately $971,262.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Scott Arnold Anderson sold 22,466 shares of Cirrus Logic stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $64.62, for a total value of $1,451,752.92. Following the transaction, the vice president now directly owns 24,432 shares of the company’s stock, valued at approximately $1,578,795.84. The disclosure for this sale can be found here. Insiders have sold a total of 96,895 shares of company stock valued at $6,197,439 in the last ninety days. Insiders own 3.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of CRUS. Miles Capital Inc. raised its position in Cirrus Logic by 0.3% in the first quarter. Miles Capital Inc. now owns 3,796 shares of the semiconductor company’s stock worth $230,000 after buying an additional 10 shares during the last quarter. Huntington National Bank raised its position in Cirrus Logic by 0.5% in the first quarter. Huntington National Bank now owns 2,442 shares of the semiconductor company’s stock worth $148,000 after buying an additional 11 shares during the last quarter. HL Financial Services LLC raised its position in Cirrus Logic by 0.3% in the first quarter. HL Financial Services LLC now owns 10,964 shares of the semiconductor company’s stock worth $665,000 after buying an additional 34 shares during the last quarter. Liberty Mutual Group Asset Management Inc. raised its position in Cirrus Logic by 0.3% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 29,065 shares of the semiconductor company’s stock worth $1,764,000 after buying an additional 82 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC raised its position in Cirrus Logic by 0.8% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 11,069 shares of the semiconductor company’s stock worth $672,000 after buying an additional 89 shares during the last quarter. 88.60% of the stock is 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.

12 Month Chart for NASDAQ:CRUS

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