Cirrus Logic, Inc. (NASDAQ:CRUS) Given Average Recommendation of “Buy” by Brokerages
Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) have been given a consensus rating of “Buy” by the fifteen ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $69.07.
A number of equities analysts have recently commented on CRUS shares. Needham & Company LLC reissued a “buy” rating and issued a $70.00 target price on shares of Cirrus Logic in a research note on Friday, April 14th. Vetr downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating and set a $70.00 target price on the stock. in a research note on Tuesday, April 18th. Dougherty & Co raised their target price on shares of Cirrus Logic from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, May 4th. Stifel Nicolaus raised their target price on shares of Cirrus Logic from $70.00 to $73.00 and gave the company a “buy” rating in a research note on Wednesday, May 24th. Finally, Pacific Crest reissued an “overweight” rating and issued a $75.00 target price on shares of Cirrus Logic in a research note on Wednesday, June 21st.
Shares of Cirrus Logic (NASDAQ:CRUS) opened at 55.46 on Friday. Cirrus Logic has a 52-week low of $47.01 and a 52-week high of $71.97. The stock’s 50 day moving average price is $62.66 and its 200-day moving average price is $61.51. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of 12.97 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The business had revenue of $320.70 million for the quarter, compared to the consensus estimate of $320.32 million. During the same quarter last year, the firm posted $0.44 EPS. The business’s revenue for the quarter was up 23.6% compared to the same quarter last year. On average, analysts predict that Cirrus Logic will post $4.74 earnings per share for the current fiscal year.
In other news, Director William D. Sherman sold 1,378 shares of Cirrus Logic stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $61.84, for a total value of $85,215.52. Following the completion of the transaction, the director now directly owns 7,307 shares of the company’s stock, valued at approximately $451,864.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Randolph K. Carlson sold 53,332 shares of Cirrus Logic stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $57.10, for a total transaction of $3,045,257.20. Following the completion of the transaction, the vice president now directly owns 27,265 shares of the company’s stock, valued at $1,556,831.50. The disclosure for this sale can be found here. Insiders sold a total of 105,719 shares of company stock valued at $6,342,696 in the last three months. Insiders own 1.92% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Fortaleza Asset Management Inc. acquired a new position in Cirrus Logic during the second quarter valued at approximately $102,000. Advisory Services Network LLC acquired a new position in Cirrus Logic during the first quarter valued at approximately $108,000. 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 valued at $148,000 after buying an additional 11 shares during the period. Mckinley Capital Management LLC Delaware acquired a new position in Cirrus Logic during the first quarter valued at approximately $174,000. Finally, Private Advisor Group LLC acquired a new position in Cirrus Logic during the second quarter valued at approximately $215,000. 94.23% of the stock is owned by institutional investors and hedge funds.
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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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