Cirrus Logic (NASDAQ:CRUS) had its price objective reduced by research analysts at Stifel Nicolaus from $75.00 to $60.00 in a report released on Tuesday. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ target price indicates a potential upside of 42.45% from the company’s current price.
A number of other equities analysts have also commented on the stock. Barclays cut their price objective on shares of Cirrus Logic from $45.00 to $36.00 and set an “underweight” rating for the company in a research report on Tuesday. Craig Hallum restated a “hold” rating and issued a $44.00 price objective (down from $54.00) on shares of Cirrus Logic in a research report on Tuesday. ValuEngine lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Zacks Investment Research lowered shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Wednesday, January 31st. Finally, BidaskClub upgraded shares of Cirrus Logic from a “sell” rating to a “hold” rating in a research report on Friday, January 19th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $60.92.
Cirrus Logic (NASDAQ CRUS) opened at $42.12 on Tuesday. Cirrus Logic has a 1 year low of $39.51 and a 1 year high of $71.97. The company has a market cap of $2,680.00, a P/E ratio of 15.15, a PEG ratio of 1.18 and a beta of -0.02.
Cirrus Logic declared that its board has approved a stock repurchase program on Monday, February 5th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the semiconductor company to purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In other Cirrus Logic news, Director Christine King sold 562 shares of Cirrus Logic stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $49.75, for a total transaction of $27,959.50. Following the transaction, the director now directly owns 11,744 shares of the company’s stock, valued at $584,264. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 6,140 shares of company stock worth $328,552 over the last three months. Insiders own 1.92% of the company’s stock.
Several hedge funds have recently bought and sold shares of CRUS. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of Cirrus Logic by 72.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock worth $138,000 after acquiring an additional 1,086 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Cirrus Logic by 96.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock worth $157,000 after acquiring an additional 1,372 shares in the last quarter. Sapphire Star Partners LP purchased a new position in shares of Cirrus Logic during the third quarter worth approximately $211,000. Rational Advisors LLC purchased a new position in shares of Cirrus Logic during the third quarter worth approximately $213,000. Finally, Ifrah Financial Services Inc. purchased a new position in shares of Cirrus Logic during the third quarter worth approximately $217,000. 89.58% of the stock is currently owned by hedge funds and other institutional investors.
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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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