Cirrus Logic (NASDAQ:CRUS) Reaches New 12-Month High After Analyst Upgrade

Cirrus Logic, Inc. (NASDAQ:CRUS)’s stock price reached a new 52-week high during trading on Wednesday after StockNews.com upgraded the stock from a buy rating to a strong-buy rating. The company traded as high as $103.02 and last traded at $103.02, with a volume of 15368 shares trading hands. The stock had previously closed at $91.13.

Several other research analysts also recently commented on the company. Susquehanna boosted their target price on Cirrus Logic from $100.00 to $120.00 and gave the stock a “positive” rating in a report on Wednesday. TheStreet raised Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. KeyCorp increased their target price on Cirrus Logic from $100.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday. Barclays lifted their price target on Cirrus Logic from $95.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, TD Cowen upped their price target on shares of Cirrus Logic from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $107.86.

Insider Activity

In other news, SVP Justin E. Dougherty sold 3,280 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total transaction of $299,792.00. Following the transaction, the senior vice president now owns 6,000 shares of the company’s stock, valued at $548,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

A number of institutional investors and hedge funds have recently modified their holdings of CRUS. Venturi Wealth Management LLC boosted its stake in Cirrus Logic by 93.7% in the fourth quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 178 shares during the last quarter. Atlas Capital Advisors LLC boosted its position in shares of Cirrus Logic by 103.0% in the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 204 shares during the last quarter. Quadrant Capital Group LLC grew its stake in shares of Cirrus Logic by 72.3% during the fourth quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 214 shares during the period. Nisa Investment Advisors LLC increased its holdings in Cirrus Logic by 71.1% in the third quarter. Nisa Investment Advisors LLC now owns 722 shares of the semiconductor company’s stock valued at $53,000 after purchasing an additional 300 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in Cirrus Logic in the third quarter valued at about $62,000. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Price Performance

The stock has a market cap of $5.51 billion, a price-to-earnings ratio of 32.46 and a beta of 0.99. The firm has a 50 day simple moving average of $89.88 and a two-hundred day simple moving average of $83.31.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $2.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.83. Cirrus Logic had a net margin of 9.84% and a return on equity of 16.13%. The business had revenue of $618.98 million for the quarter, compared to the consensus estimate of $539.55 million. On average, sell-side analysts expect that Cirrus Logic, Inc. will post 4.79 earnings per share for the current fiscal year.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power, high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processing; boosted amplifiers; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation.