Cirrus Logic, Inc. (CRUS) Earns Overweight Rating from KeyCorp
Cirrus Logic, Inc. (NASDAQ:CRUS)‘s stock had its “overweight” rating reiterated by equities research analysts at KeyCorp in a research note issued to investors on Thursday.
Other equities analysts have also recently issued reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target (up from $70.00) on shares of Cirrus Logic in a research note on Thursday, June 1st. Stifel Nicolaus boosted 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. BidaskClub lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research report on Monday, August 7th. Finally, Pacific Crest reiterated an “overweight” rating and issued a $75.00 price objective on shares of Cirrus Logic in a research report on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $68.59.
Cirrus Logic (CRUS) traded up 0.6311% during trading on Thursday, hitting $57.1786. 234,696 shares of the stock traded hands. The stock has a market cap of $3.65 billion and a P/E ratio of 13.3720. Cirrus Logic has a 52-week low of $48.91 and a 52-week high of $71.97. The company’s 50 day moving average price is $57.76 and its 200-day moving average price is $61.45.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, topping 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 analysts’ expectations of $320.32 million. During the same period in the prior year, the company posted $0.44 EPS. The business’s revenue for the quarter was up 23.6% on a year-over-year basis. Equities research analysts forecast that Cirrus Logic will post $4.74 earnings per share for the current fiscal year.
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In other Cirrus Logic news, VP Andrew Brannan sold 21,504 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $55.10, for a total value of $1,184,870.40. Following the transaction, the vice president now directly owns 21,504 shares in the company, valued at approximately $1,184,870.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William D. Sherman sold 1,378 shares of the company’s stock in a transaction dated 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 owns 7,307 shares in the company, valued at $451,864.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 92,313 shares of company stock worth $5,235,918. 1.92% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in CRUS. Fortaleza Asset Management Inc. purchased a new position in Cirrus Logic in the 2nd quarter valued at about $102,000. Mckinley Capital Management LLC Delaware purchased a new position in Cirrus Logic in the 1st quarter valued at about $174,000. ETRADE Capital Management LLC purchased a new position in Cirrus Logic in the 2nd quarter valued at about $201,000. Private Advisor Group LLC purchased a new position in Cirrus Logic in the 2nd quarter valued at about $215,000. Finally, Turner Investments LLC purchased a new position in Cirrus Logic in the 2nd quarter valued at about $220,000. Institutional investors own 89.15% 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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