Cirrus Logic, Inc. (CRUS) Given Consensus Rating of “Buy” by Analysts
Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) have been assigned a consensus recommendation of “Buy” from the fourteen analysts that are covering the company, Marketbeat reports. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $67.70.
A number of research firms have recently commented on CRUS. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective (up from $70.00) on shares of Cirrus Logic in a research note on Thursday, June 1st. Stifel Nicolaus increased their target price on shares of Cirrus Logic from $70.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, May 24th. Dougherty & Co upped their price objective on shares of Cirrus Logic from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, May 4th. KeyCorp restated an “overweight” rating and set a $75.00 price objective on shares of Cirrus Logic in a report on Wednesday, July 12th. Finally, Pacific Crest restated an “overweight” rating and set a $75.00 price objective on shares of Cirrus Logic in a report on Wednesday, June 21st.
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In other Cirrus Logic news, VP Bradley J. Fluke sold 19,459 shares of the business’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $64.48, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Scott Arnold Anderson sold 22,466 shares of the business’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $64.62, for a total value of $1,451,752.92. Following the completion of 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. In the last ninety days, insiders sold 96,853 shares of company stock valued at $6,197,708. 1.92% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in CRUS. Advisory Services Network LLC acquired a new stake in Cirrus Logic during the first quarter valued at approximately $108,000. Huntington National Bank increased its position in shares of 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 period. Mckinley Capital Management LLC Delaware bought a new position in shares of Cirrus Logic during the first quarter worth about $174,000. Soros Fund Management LLC bought a new position in shares of Cirrus Logic during the first quarter worth about $225,000. Finally, Envestnet Asset Management Inc. increased its position in shares of Cirrus Logic by 76.4% in the first quarter. Envestnet Asset Management Inc. now owns 3,778 shares of the semiconductor company’s stock worth $228,000 after buying an additional 1,636 shares during the period. 94.91% of the stock is owned by hedge funds and other institutional investors.
Cirrus Logic (NASDAQ:CRUS) opened at 65.53 on Monday. The company has a market capitalization of $4.19 billion, a PE ratio of 16.72 and a beta of 0.03. The firm has a 50-day moving average of $65.48 and a 200-day moving average of $60.57. Cirrus Logic has a 52 week low of $39.26 and a 52 week high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, May 3rd. The semiconductor company reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.14. Cirrus Logic had a net margin of 16.31% and a return on equity of 26.32%. The company had revenue of $327.86 million for the quarter, compared to analyst estimates of $320.94 million. During the same period in the prior year, the firm posted $0.38 EPS. The company’s quarterly revenue was up 41.3% on a year-over-year basis. Equities analysts expect that Cirrus Logic will post $4.56 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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