Cirrus Logic (NASDAQ:CRUS) Sets New 12-Month High – Here’s Why

Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $153.60 and last traded at $152.9380, with a volume of 654916 shares traded. The stock had previously closed at $143.31.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRUS. Barclays boosted their price objective on shares of Cirrus Logic from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 3rd. Stifel Nicolaus lifted their target price on shares of Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Monday, December 29th. Benchmark upped their price target on shares of Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. Finally, Loop Capital downgraded Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price target on the stock. in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $146.86.

Cirrus Logic Stock Up 3.5%

The firm has a market capitalization of $7.56 billion, a price-to-earnings ratio of 19.60 and a beta of 1.12. The business has a 50-day moving average of $136.12 and a two-hundred day moving average of $127.25.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.37 by $0.60. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The firm had revenue of $580.62 million during the quarter, compared to analysts’ expectations of $531.43 million. During the same quarter in the prior year, the firm posted $2.51 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. Equities analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Insider Activity

In related news, EVP Justin E. Dougherty sold 3,000 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $143.16, for a total value of $429,480.00. Following the completion of the transaction, the executive vice president directly owned 5,876 shares in the company, valued at approximately $841,208.16. This represents a 33.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Thomas sold 3,239 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $141.63, for a total value of $458,739.57. Following the completion of the transaction, the executive vice president directly owned 30,393 shares of the company’s stock, valued at approximately $4,304,560.59. This trade represents a 9.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 28,045 shares of company stock worth $3,835,300. Company insiders own 1.16% of the company’s stock.

Institutional Trading of Cirrus Logic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRUS. Vanguard Group Inc. raised its position in Cirrus Logic by 4.2% in the third quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company’s stock worth $829,724,000 after purchasing an additional 268,560 shares in the last quarter. LSV Asset Management boosted its holdings in Cirrus Logic by 1.0% during the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock valued at $279,215,000 after purchasing an additional 23,703 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings in Cirrus Logic by 0.7% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company’s stock valued at $187,059,000 after purchasing an additional 11,307 shares in the last quarter. Earnest Partners LLC grew its stake in shares of Cirrus Logic by 0.8% in the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company’s stock valued at $168,980,000 after purchasing an additional 10,750 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Cirrus Logic by 7.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,244,258 shares of the semiconductor company’s stock valued at $147,452,000 after purchasing an additional 83,059 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.