Cirrus Logic, Inc. (CRUS) Receives Average Rating of “Buy” from Brokerages
Cirrus Logic, Inc. (NASDAQ:CRUS) has been assigned an average rating of “Buy” from the seventeen research firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $67.21.
Several research analysts have recently weighed in on the stock. Barclays PLC downgraded shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 target price on the stock. in a research report on Tuesday, July 18th. KeyCorp restated an “overweight” rating and set a $75.00 price target on shares of Cirrus Logic in a report on Wednesday, July 12th. Stifel Nicolaus restated a “buy” rating and set a $75.00 price target on shares of Cirrus Logic in a report on Thursday, August 3rd. BidaskClub cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, Vetr upgraded shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 price target for the company in a report on Thursday, August 3rd.
In other Cirrus Logic news, Director Christine King sold 5,000 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $54.51, for a total transaction of $272,550.00. Following the transaction, the director now directly owns 16,182 shares in the company, valued at approximately $882,080.82. The transaction was disclosed in a filing with the SEC, which is accessible 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 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. In the last ninety days, insiders sold 109,666 shares of company stock worth $6,186,793. 1.92% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the business. Fortaleza Asset Management Inc. acquired a new position in Cirrus Logic during the 2nd quarter valued at about $102,000. ETRADE Capital Management LLC bought a new stake in shares of Cirrus Logic in the 2nd quarter valued at about $201,000. Private Advisor Group LLC bought a new stake in shares of Cirrus Logic in the 2nd quarter valued at about $215,000. Turner Investments LLC bought a new stake in shares of Cirrus Logic in the 2nd quarter valued at about $220,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Cirrus Logic by 76.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,778 shares of the semiconductor company’s stock valued at $228,000 after acquiring an additional 1,636 shares during the last quarter. Institutional investors own 89.25% of the company’s stock.
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Cirrus Logic (NASDAQ CRUS) opened at 53.60 on Wednesday. Cirrus Logic has a 12 month low of $49.05 and a 12 month high of $71.97. The firm has a market capitalization of $3.42 billion, a price-to-earnings ratio of 12.54 and a beta of 0.01. The firm’s 50-day moving average is $54.83 and its 200 day moving average is $60.68.
Cirrus Logic (NASDAQ:CRUS) last announced 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 company had revenue of $320.70 million for the quarter, compared to analysts’ expectations 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 was up 23.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS. Equities analysts predict that Cirrus Logic will post $4.75 earnings per share for the current year.
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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