Cirrus Logic, Inc. (NASDAQ:CRUS)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report issued on Friday. They presently have a $80.00 target price on the semiconductor company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 41.79% from the company’s previous close.

CRUS has been the topic of several other reports. Stifel Nicolaus reissued a “buy” rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. Zacks Investment Research upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research report on Tuesday, October 3rd. BidaskClub lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 2nd. Craig Hallum restated a “hold” rating on shares of Cirrus Logic in a research report on Wednesday, September 13th. Finally, KeyCorp restated an “overweight” rating on shares of Cirrus Logic in a research report on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $67.05.

Shares of Cirrus Logic (CRUS) traded up $0.70 on Friday, reaching $56.42. 2,027,782 shares of the company’s stock traded hands, compared to its average volume of 812,389. The firm has a market cap of $3,591.98, a PE ratio of 12.88, a P/E/G ratio of 1.03 and a beta of 0.05. Cirrus Logic has a 12 month low of $49.05 and a 12 month high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.16. The company had revenue of $425.50 million for the quarter, compared to analysts’ expectations of $410.32 million. Cirrus Logic had a net margin of 17.11% and a return on equity of 25.71%. Cirrus Logic’s revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.35 EPS. sell-side analysts forecast that Cirrus Logic will post 4.25 EPS for the current fiscal year.

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In related news, VP Randolph K. Carlson sold 53,332 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $57.10, for a total value of $3,045,257.20. Following the completion of the transaction, the vice president now owns 27,265 shares of the company’s stock, valued at approximately $1,556,831.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alan R. Schuele sold 2,000 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $57.30, for a total transaction of $114,600.00. Following the completion of the transaction, the director now directly owns 14,165 shares of the company’s stock, valued at approximately $811,654.50. The disclosure for this sale can be found here. Insiders sold a total of 108,309 shares of company stock worth $6,101,096 over the last quarter. Insiders own 1.92% of the company’s stock.

A number of hedge funds have recently made changes to their positions in CRUS. OppenheimerFunds Inc. raised its stake in Cirrus Logic by 63.8% in the 1st quarter. OppenheimerFunds Inc. now owns 7,559 shares of the semiconductor company’s stock valued at $459,000 after purchasing an additional 2,944 shares during the last quarter. Legal & General Group Plc raised its stake in Cirrus Logic by 28.1% in the 1st quarter. Legal & General Group Plc now owns 41,194 shares of the semiconductor company’s stock valued at $2,496,000 after purchasing an additional 9,041 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Cirrus Logic in the 1st quarter valued at about $411,000. Bank of America Corp DE raised its stake in Cirrus Logic by 18.9% in the 1st quarter. Bank of America Corp DE now owns 242,781 shares of the semiconductor company’s stock valued at $14,735,000 after purchasing an additional 38,601 shares during the last quarter. Finally, State Street Corp raised its stake in Cirrus Logic by 5.8% in the 1st quarter. State Street Corp now owns 2,226,243 shares of the semiconductor company’s stock valued at $135,107,000 after purchasing an additional 122,309 shares during the last quarter. 89.48% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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