Cirrus Logic, Inc. (CRUS) Earns Buy Rating from Canaccord Genuity
Cirrus Logic, Inc. (NASDAQ:CRUS)‘s stock had its “buy” rating reiterated by investment analysts at Canaccord Genuity in a report issued on Friday. They currently have a $76.00 target price on the semiconductor company’s stock. Canaccord Genuity’s target price would indicate a potential upside of 34.70% from the company’s previous close.
Several other research firms have also commented on CRUS. Bank of America Corporation began coverage on shares of Cirrus Logic in a research report on Monday, September 18th. They set an “underperform” rating and a $50.00 target price on the stock. Northland Securities reiterated a “buy” rating on shares of Cirrus Logic in a research note on Friday. Craig Hallum reiterated a “hold” rating and issued a $54.00 target price (down from $63.00) on shares of Cirrus Logic in a research note on Friday. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Cirrus Logic in a research report on Friday. Finally, ValuEngine cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $67.05.
Cirrus Logic (NASDAQ:CRUS) opened at $56.42 on Friday. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 1.04 and a beta of 0.05.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.16. Cirrus Logic had a net margin of 17.11% and a return on equity of 25.71%. The business had revenue of $425.50 million during the quarter, compared to analysts’ expectations of $410.32 million. During the same period last year, the company posted $1.35 EPS. The business’s revenue was down .7% on a year-over-year basis. research analysts anticipate that Cirrus Logic will post 4.25 EPS for the current fiscal year.
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In other Cirrus Logic news, CFO Thurman K. Case sold 8,610 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $57.35, for a total transaction of $493,783.50. Following the sale, the chief financial officer now owns 3,880 shares of the company’s stock, valued at $222,518. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Alan R. Schuele sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $57.30, for a total transaction of $114,600.00. Following the sale, the director now directly owns 14,165 shares in the company, valued at approximately $811,654.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,309 shares of company stock worth $6,101,096. 1.92% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Capstone Asset Management Company grew its position in Cirrus Logic by 24.5% in the 4th quarter. Capstone Asset Management Company now owns 23,389 shares of the semiconductor company’s stock valued at $691,000 after buying an additional 4,610 shares during the last quarter. Acadian Asset Management boosted its position in shares of Cirrus Logic by 118.0% during the 4th quarter. Acadian Asset Management now owns 71,843 shares of the semiconductor company’s stock worth $2,122,000 after purchasing an additional 38,880 shares in the last quarter. DNB Asset Management purchased a new stake in shares of Cirrus Logic during the 4th quarter worth $9,789,195. Boston Advisors purchased a new stake in shares of Cirrus Logic during the 4th quarter worth $515,000. Finally, Capital One National Association purchased a new stake in shares of Cirrus Logic during the 4th quarter worth $447,000. Institutional investors and hedge funds own 89.48% 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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