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

Cirrus Logic, Inc. (NASDAQ:CRUS) reached a new 52-week high during mid-day trading on Wednesday after Susquehanna raised their price target on the stock from $100.00 to $120.00. Susquehanna currently has a positive rating on the stock. Cirrus Logic traded as high as $103.02 and last traded at $103.02, with a volume of 15368 shares. The stock had previously closed at $91.13.

Several other equities research analysts also recently commented on CRUS. TD Cowen lifted their price objective on shares of Cirrus Logic from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays upped their target price on Cirrus Logic from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, January 16th. TheStreet raised shares of Cirrus Logic from a “c+” rating to a “b-” rating in a report on Tuesday, January 23rd. Stifel Nicolaus increased their price objective on shares of Cirrus Logic from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Finally, StockNews.com downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 20th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $101.43.

Insider Buying and Selling at Cirrus Logic

In other news, CFO Venkatesh Nathamuni sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $95.00, for a total transaction of $95,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,587 shares of the company’s stock, valued at approximately $150,765. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, SVP Justin E. Dougherty sold 3,280 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $91.40, for a total transaction of $299,792.00. Following the completion of the transaction, the senior vice president now owns 6,000 shares in the company, valued at approximately $548,400. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Venkatesh Nathamuni sold 1,000 shares of Cirrus Logic stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. Following the completion of the sale, the chief financial officer now owns 1,587 shares in the company, valued at $150,765. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,530 shares of company stock valued at $700,292. Company insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Venturi Wealth Management LLC raised its stake in Cirrus Logic by 93.7% in the 4th quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 178 shares during the last quarter. Atlas Capital Advisors LLC grew its holdings in shares of Cirrus Logic by 103.0% during the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after buying an additional 204 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of Cirrus Logic by 72.3% in the fourth quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 214 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Cirrus Logic by 71.1% in the third quarter. Nisa Investment Advisors LLC now owns 722 shares of the semiconductor company’s stock worth $53,000 after buying an additional 300 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in Cirrus Logic during the third quarter worth about $62,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

The firm’s 50 day moving average is $89.63 and its 200-day moving average is $83.17. The company has a market cap of $5.40 billion, a PE ratio of 28.93 and a beta of 0.99.

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