Cirrus Logic (NASDAQ:CRUS) Price Target Raised to $120.00 at Barclays

Cirrus Logic (NASDAQ:CRUS) had its target price increased by stock analysts at Barclays from $110.00 to $120.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Barclays‘s price target points to a potential downside of 12.38% from the stock’s previous close.

A number of other analysts have also weighed in on CRUS. Stifel Nicolaus raised their price target on shares of Cirrus Logic from $150.00 to $163.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. Loop Capital lowered Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price target on the stock. in a research note on Monday, February 2nd. KeyCorp upped their target price on shares of Cirrus Logic from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Monday, December 29th. Finally, Williams Trading set a $150.00 price objective on shares of Cirrus Logic in a report on Wednesday, November 5th. 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 has an average rating of “Moderate Buy” and an average target price of $146.86.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS traded down $6.08 during midday trading on Tuesday, reaching $136.95. The company’s stock had a trading volume of 69,747 shares, compared to its average volume of 653,390. The business’s fifty day simple moving average is $131.03 and its 200-day simple moving average is $124.77. Cirrus Logic has a fifty-two week low of $75.83 and a fifty-two week high of $146.88. The company has a market capitalization of $6.99 billion, a P/E ratio of 18.04 and a beta of 1.12.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, February 3rd. The semiconductor company reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.60. The firm had revenue of $580.62 million for the quarter, compared to analyst estimates of $531.43 million. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.51 EPS. On average, analysts forecast that Cirrus Logic will post 5.63 earnings per share for the current fiscal year.

Insider Transactions at Cirrus Logic

In other news, EVP Scott Thomas sold 3,239 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $141.63, for a total transaction of $458,739.57. Following the completion of the transaction, the executive vice president directly owned 30,393 shares in the company, valued at approximately $4,304,560.59. This represents a 9.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John Forsyth sold 21,806 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total transaction of $2,947,080.90. Following the completion of the sale, the chief executive officer owned 50,723 shares in the company, valued at $6,855,213.45. This represents a 30.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,045 shares of company stock valued at $3,835,300 in the last ninety days. Corporate insiders own 1.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CRUS. Royal Bank of Canada boosted its position in shares of Cirrus Logic by 92.3% during the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock worth $7,189,000 after purchasing an additional 34,629 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Cirrus Logic by 24.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after acquiring an additional 263 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Cirrus Logic by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock worth $21,372,000 after purchasing an additional 9,658 shares during the period. Focus Partners Wealth bought a new position in shares of Cirrus Logic during the 1st quarter valued at about $361,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock valued at $47,000 after buying an additional 232 shares during the period. Institutional investors own 87.96% of the company’s stock.

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.