Cirrus Logic (NASDAQ:CRUS) Price Target Raised to $160.00

Cirrus Logic (NASDAQ:CRUS) had its price target hoisted by Benchmark from $150.00 to $160.00 in a report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

A number of other research firms have also commented on CRUS. Loop Capital lowered Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 target price for the company. in a report on Monday, February 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a report on Monday, December 29th. KeyCorp lifted their target price on Cirrus Logic from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Williams Trading set a $150.00 price target on shares of Cirrus Logic in a report on Wednesday, November 5th. Finally, Wall Street Zen downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Cirrus Logic presently has an average rating of “Moderate Buy” and a consensus target price of $145.43.

Cirrus Logic Trading Up 1.9%

Shares of NASDAQ CRUS opened at $142.78 on Wednesday. The firm has a fifty day simple moving average of $124.39 and a two-hundred day simple moving average of $120.16. Cirrus Logic has a 12 month low of $75.83 and a 12 month high of $144.76. The firm has a market capitalization of $7.28 billion, a PE ratio of 18.81 and a beta of 1.12.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.37 by $0.60. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The company had revenue of $580.62 million during the quarter, compared to analysts’ expectations of $531.43 million. During the same quarter last year, the business posted $2.51 EPS. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, sell-side analysts predict that Cirrus Logic will post 5.63 earnings per share for the current year.

Insider Activity at Cirrus Logic

In related news, EVP Andrew Brannan sold 8,913 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $119.06, for a total transaction of $1,061,181.78. Following the sale, the executive vice president owned 5,950 shares in the company, valued at approximately $708,407. This represents a 59.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO John Forsyth sold 21,806 shares of the firm’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total value of $2,947,080.90. Following the completion of the sale, the chief executive officer owned 50,723 shares of the company’s stock, valued at approximately $6,855,213.45. This represents a 30.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.16% of the stock is owned by company insiders.

Institutional Trading of Cirrus Logic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRUS. Vanguard Group Inc. raised its holdings in shares of Cirrus Logic by 4.2% in the third quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company’s stock worth $829,724,000 after buying an additional 268,560 shares during the period. LSV Asset Management lifted its position in shares of Cirrus Logic by 1.0% in the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock worth $279,215,000 after purchasing an additional 23,703 shares during the period. Earnest Partners LLC raised its position in shares of Cirrus Logic by 0.8% in the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company’s stock worth $168,980,000 after acquiring an additional 10,750 shares in the last quarter. Sei Investments Co. grew its holdings in Cirrus Logic by 2.2% in the third quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company’s stock worth $116,140,000 after purchasing an additional 20,381 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in Cirrus Logic by 5.1% in the 3rd quarter. Royce & Associates LP now owns 713,999 shares of the semiconductor company’s stock worth $89,457,000 after purchasing an additional 34,839 shares in the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.