Equities research analysts at Benchmark initiated coverage on shares of Cirrus Logic (NASDAQ:CRUS) in a research note issued to investors on Thursday, The Fly reports. The firm set a “buy” rating and a $62.00 price target on the semiconductor company’s stock. Benchmark’s price target would indicate a potential upside of 12.03% from the company’s previous close.
A number of other research analysts have also issued reports on the stock. Dougherty & Co reiterated a “buy” rating and issued a $62.00 price objective (up previously from $53.00) on shares of Cirrus Logic in a report on Thursday, August 1st. BidaskClub raised shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Stifel Nicolaus increased their target price on shares of Cirrus Logic from $53.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Bank of America reaffirmed an “underperform” rating and set a $46.00 price objective (up previously from $40.00) on shares of Cirrus Logic in a research report on Thursday, August 1st. Finally, ValuEngine raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. Cirrus Logic has an average rating of “Buy” and a consensus target price of $51.44.
CRUS stock opened at $55.34 on Thursday. The stock has a market capitalization of $3.22 billion, a P/E ratio of 27.00, a price-to-earnings-growth ratio of 1.75 and a beta of 0.90. The company has a current ratio of 4.30, a quick ratio of 3.18 and a debt-to-equity ratio of 0.12. Cirrus Logic has a 12 month low of $31.25 and a 12 month high of $60.00. The firm has a 50-day moving average price of $53.11 and a 200-day moving average price of $45.50.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.21. The business had revenue of $238.25 million during the quarter, compared to analyst estimates of $221.08 million. Cirrus Logic had a net margin of 8.46% and a return on equity of 10.96%. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. During the same quarter last year, the business earned $0.28 EPS. As a group, equities analysts predict that Cirrus Logic will post 2.08 EPS for the current fiscal year.
In other Cirrus Logic news, CFO Thurman K. Case sold 5,000 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $52.34, for a total transaction of $261,700.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jason P. Rhode sold 128,847 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.14, for a total value of $6,718,082.58. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 166,248 shares of company stock worth $8,651,159. Company insiders own 2.79% of the company’s stock.
A number of large investors have recently modified their holdings of CRUS. Hancock Whitney Corp increased its holdings in Cirrus Logic by 5.3% in the 2nd quarter. Hancock Whitney Corp now owns 189,933 shares of the semiconductor company’s stock worth $8,300,000 after acquiring an additional 9,542 shares during the last quarter. BlackRock Inc. grew its holdings in Cirrus Logic by 9.0% during the 2nd quarter. BlackRock Inc. now owns 8,631,614 shares of the semiconductor company’s stock valued at $377,200,000 after buying an additional 714,210 shares in the last quarter. BRYN MAWR TRUST Co grew its holdings in Cirrus Logic by 0.7% during the 2nd quarter. BRYN MAWR TRUST Co now owns 121,512 shares of the semiconductor company’s stock valued at $5,311,000 after buying an additional 847 shares in the last quarter. Voleon Capital Management LP purchased a new position in Cirrus Logic during the 2nd quarter valued at about $830,000. Finally, Schroder Investment Management Group grew its holdings in Cirrus Logic by 12.4% during the 2nd quarter. Schroder Investment Management Group now owns 26,059 shares of the semiconductor company’s stock valued at $1,139,000 after buying an additional 2,881 shares in the last quarter. Institutional investors and hedge funds own 86.17% of the company’s stock.
Cirrus Logic Company Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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