Cirrus Logic, Inc. (NASDAQ:CRUS) Upgraded at Zacks Investment Research
Cirrus Logic, Inc. (NASDAQ:CRUS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The firm currently has a $64.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.21% from the stock’s current price.
According to Zacks, “Cirrus Logic Inc. is a premier supplier of high performance analog circuits and advanced mixed-signal chip solutions. The company’s products, sold under its own name and the Crystal product brand, enable system-level applications in mass storage, audio and precision data conversion. (PRESS RELEASE) “
Several other equities research analysts also recently issued reports on CRUS. Vetr upgraded shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $70.00 price objective for the company in a research report on Wednesday, April 12th. Needham & Company LLC restated a “buy” rating and set a $70.00 price objective on shares of Cirrus Logic in a research report on Friday, April 14th. Dougherty & Co raised their price objective on shares of Cirrus Logic from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, May 4th. Stifel Nicolaus raised their price objective on shares of Cirrus Logic from $70.00 to $73.00 and gave the stock a “buy” rating in a research report on Wednesday, May 24th. Finally, Pacific Crest restated an “overweight” rating and set a $75.00 price objective on shares of Cirrus Logic in a research report on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $68.74.
Cirrus Logic (NASDAQ CRUS) traded up 0.17% during trading on Monday, hitting $57.55. The company had a trading volume of 1,595,712 shares. The stock has a 50-day moving average of $63.83 and a 200-day moving average of $61.54. The stock has a market capitalization of $3.69 billion, a PE ratio of 13.46 and a beta of 0.01. Cirrus Logic has a one year low of $47.01 and a one year high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.15. The firm had revenue of $320.70 million during the quarter, compared to the consensus estimate of $320.32 million. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The business’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same period last year, the business posted $0.44 earnings per share. On average, equities analysts anticipate that Cirrus Logic will post $4.69 EPS for the current year.
In other Cirrus Logic news, Director William D. Sherman sold 1,378 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $61.84, for a total transaction of $85,215.52. Following the completion of the transaction, the director now directly owns 7,307 shares in the company, valued at $451,864.88. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Scott Arnold Anderson sold 17,466 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $64.20, for a total transaction of $1,121,317.20. Following the transaction, the vice president now owns 24,432 shares of the company’s stock, valued at $1,568,534.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,777 shares of company stock valued at $2,689,055. Company insiders own 1.92% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CRUS. Vanguard Group Inc. increased its position in shares of Cirrus Logic by 7.7% in the first quarter. Vanguard Group Inc. now owns 7,057,091 shares of the semiconductor company’s stock valued at $428,295,000 after buying an additional 502,335 shares in the last quarter. BlackRock Inc. increased its position in shares of Cirrus Logic by 20,057.8% in the first quarter. BlackRock Inc. now owns 6,973,982 shares of the semiconductor company’s stock valued at $423,252,000 after buying an additional 6,939,385 shares in the last quarter. State Street Corp increased its position in shares of Cirrus Logic by 5.8% in the first quarter. State Street Corp now owns 2,226,243 shares of the semiconductor company’s stock valued at $135,107,000 after buying an additional 122,309 shares in the last quarter. LSV Asset Management increased its position in shares of Cirrus Logic by 1,368.2% in the first quarter. LSV Asset Management now owns 2,040,779 shares of the semiconductor company’s stock valued at $123,854,000 after buying an additional 1,901,779 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Cirrus Logic by 103.5% in the first quarter. AQR Capital Management LLC now owns 2,015,030 shares of the semiconductor company’s stock valued at $122,292,000 after buying an additional 1,024,836 shares in the last quarter. Institutional investors and hedge funds own 94.23% of the company’s stock.
About Cirrus Logic
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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