Cirrus Logic (NASDAQ:CRUS) Price Target Raised to $110.00 at Barclays

Cirrus Logic (NASDAQ:CRUS) had its target price raised by Barclays from $95.00 to $110.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

Other equities analysts have also recently issued reports about the stock. TD Cowen upped their price objective on shares of Cirrus Logic from $100.00 to $115.00 and gave the stock a buy rating in a research report on Wednesday. Susquehanna raised their price target on shares of Cirrus Logic from $100.00 to $120.00 and gave the company a positive rating in a research note on Wednesday. TheStreet upgraded Cirrus Logic from a c+ rating to a b- rating in a research note on Tuesday, January 23rd. StockNews.com downgraded Cirrus Logic from a strong-buy rating to a buy rating in a research report on Saturday, April 20th. Finally, Stifel Nicolaus boosted their price target on Cirrus Logic from $100.00 to $110.00 and gave the stock a buy rating in a research report on Wednesday. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cirrus Logic currently has a consensus rating of Buy and a consensus target price of $107.86.

Cirrus Logic Price Performance

Cirrus Logic stock traded up $0.15 during trading hours on Wednesday, hitting $102.39. 66,754 shares of the stock traded hands, compared to its average volume of 422,768. The firm’s 50 day moving average price is $89.88 and its 200-day moving average price is $83.31. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of 32.60 and a beta of 0.99. Cirrus Logic has a 1 year low of $65.02 and a 1 year high of $103.80.

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

Insiders Place Their Bets

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 value of $299,792.00. Following the completion of the sale, the senior vice president now owns 6,000 shares of the company’s stock, valued at $548,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Xponance Inc. grew its holdings in shares of Cirrus Logic by 10.4% during the 3rd quarter. Xponance Inc. now owns 7,407 shares of the semiconductor company’s stock worth $548,000 after purchasing an additional 696 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cirrus Logic by 17.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,511 shares of the semiconductor company’s stock valued at $777,000 after acquiring an additional 1,527 shares during the period. Strs Ohio lifted its holdings in shares of Cirrus Logic by 41.8% in the 3rd quarter. Strs Ohio now owns 24,337 shares of the semiconductor company’s stock worth $1,799,000 after acquiring an additional 7,179 shares during the last quarter. Inspire Investing LLC boosted its position in shares of Cirrus Logic by 10.1% during the 3rd quarter. Inspire Investing LLC now owns 4,744 shares of the semiconductor company’s stock worth $351,000 after purchasing an additional 434 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in Cirrus Logic by 71.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 722 shares of the semiconductor company’s stock valued at $53,000 after purchasing an additional 300 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

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.