Cirrus Logic Inc. (NASDAQ:CRUS) had its price target lifted by equities researchers at Stifel Nicolaus from $58.00 to $62.00 in a report issued on Thursday. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would indicate a potential upside of 14.60% from the stock’s previous close.
A number of other brokerages have also issued reports on CRUS. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $45.00 target price on shares of Cirrus Logic in a research note on Wednesday, July 27th. Pacific Crest reiterated an “equal weight” rating on shares of Cirrus Logic in a research note on Monday, August 29th. Zacks Investment Research lowered shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 27th. Canaccord Genuity increased their price objective on shares of Cirrus Logic from $56.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, September 20th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $55.00 price objective on shares of Cirrus Logic in a research note on Thursday, August 4th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Cirrus Logic has an average rating of “Buy” and an average price target of $49.50.
Shares of Cirrus Logic (NASDAQ:CRUS) opened at 54.10 on Thursday. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 33.58 and a beta of 0.41. Cirrus Logic has a 52 week low of $25.09 and a 52 week high of $58.08. The stock’s 50 day moving average price is $52.53 and its 200 day moving average price is $42.46.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.16. The business had revenue of $259.40 million for the quarter, compared to analyst estimates of $236.67 million. Cirrus Logic had a net margin of 9.26% and a return on equity of 14.44%. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.54 EPS. Equities research analysts anticipate that Cirrus Logic will post $3.28 EPS for the current fiscal year.
In other news, VP Scott Arnold Anderson sold 40,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $48.82, for a total transaction of $1,952,800.00. Following the transaction, the vice president now owns 36,966 shares in the company, valued at approximately $1,804,680.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Andrew Brannan sold 21,498 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $52.14, for a total transaction of $1,120,905.72. Following the transaction, the vice president now owns 21,498 shares in the company, valued at approximately $1,120,905.72. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services Inc increased its position in Cirrus Logic by 25.1% in the first quarter. Commonwealth Equity Services Inc now owns 9,564 shares of the company’s stock worth $348,000 after buying an additional 1,916 shares in the last quarter. Aperio Group LLC increased its position in Cirrus Logic by 16.1% in the first quarter. Aperio Group LLC now owns 9,836 shares of the company’s stock worth $358,000 after buying an additional 1,361 shares in the last quarter. BlackRock Inc. increased its position in Cirrus Logic by 27.2% in the first quarter. BlackRock Inc. now owns 9,212 shares of the company’s stock worth $335,000 after buying an additional 1,972 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new position in Cirrus Logic during the first quarter worth $1,012,000. Finally, Credit Agricole S A acquired a new position in Cirrus Logic during the first quarter worth $637,000. Institutional investors and hedge funds own 89.23% of the company’s stock.
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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