Cirrus Logic (NASDAQ:CRUS) Stock Gets Price Target Trim from Susquehanna

Cirrus Logic (NASDAQ:CRUS) had its target price cut by Susquehanna from $200.00 to $170.00 in a research note published on Wednesday,Benzinga reports. They currently have a positive rating on the semiconductor company’s stock.

A number of other research firms have also recently weighed in on CRUS. Wall Street Zen cut Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday, October 18th. Weiss Ratings upgraded Cirrus Logic from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, October 16th. Zacks Research lowered Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Stifel Nicolaus decreased their price target on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Finally, Barclays cut Cirrus Logic from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $130.00 to $95.00 in a research note on Tuesday. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $147.86.

Cirrus Logic Stock Up 1.7%

Shares of CRUS opened at $112.32 on Wednesday. The company has a market cap of $5.63 billion, a price-to-earnings ratio of 13.75 and a beta of 1.17. Cirrus Logic has a twelve month low of $105.10 and a twelve month high of $180.42. The company has a 50 day moving average of $114.59 and a two-hundred day moving average of $140.33.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.03. The business had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.51 earnings per share. On average, sell-side analysts expect that Cirrus Logic will post 7.20 EPS for the current year.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Jeffrey Baumgartner sold 1,166 shares of the company’s stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total transaction of $125,636.50. Following the transaction, the executive vice president owned 11,741 shares in the company, valued at approximately $1,265,092.75. This represents a 9.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 3,498 shares of company stock worth $401,850. 1.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cirrus Logic

Institutional investors and hedge funds have recently made changes to their positions in the stock. Root Financial Partners LLC acquired a new position in shares of Cirrus Logic in the 3rd quarter valued at $25,000. Geneos Wealth Management Inc. raised its stake in Cirrus Logic by 120.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 120 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 220 shares during the period. SBI Securities Co. Ltd. lifted its position in Cirrus Logic by 267.7% during the 3rd quarter. SBI Securities Co. Ltd. now owns 239 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 174 shares during the period. Finally, V Square Quantitative Management LLC acquired a new stake in Cirrus Logic during the 3rd quarter worth about $30,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

About Cirrus Logic

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.