Cirrus Logic (NASDAQ:CRUS) Stock Price Expected to Rise, Barclays Analyst Says

Cirrus Logic (NASDAQ:CRUS) had its target price boosted by analysts at Barclays from $120.00 to $140.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the semiconductor company’s stock. Barclays‘s price target suggests a potential downside of 18.45% from the company’s previous close.

Several other equities analysts have also weighed in on CRUS. Loop Capital lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price objective on the stock. in a research report on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research report on Friday, March 27th. KeyCorp raised their price objective on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday. Benchmark raised their price objective on shares of Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, February 4th. Finally, Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research report on Thursday. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $161.71.

Cirrus Logic Stock Performance

Shares of CRUS opened at $171.67 on Thursday. The firm has a market cap of $8.76 billion, a PE ratio of 21.90 and a beta of 1.16. The firm’s 50 day moving average price is $150.06 and its 200 day moving average price is $134.82. Cirrus Logic has a twelve month low of $92.02 and a twelve month high of $179.00.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.19. The firm had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.67 earnings per share. On average, sell-side analysts anticipate that Cirrus Logic will post 7.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Justin E. Dougherty sold 3,000 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $143.16, for a total value of $429,480.00. Following the transaction, the executive vice president owned 5,876 shares of the company’s stock, valued at $841,208.16. This trade represents a 33.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Thomas sold 9,942 shares of Cirrus Logic stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $160.11, for a total transaction of $1,591,813.62. Following the completion of the transaction, the executive vice president directly owned 30,393 shares in the company, valued at approximately $4,866,223.23. This represents a 24.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 16,181 shares of company stock worth $2,480,033. Insiders own 1.16% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans increased its holdings in Cirrus Logic by 102.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 25,341 shares of the semiconductor company’s stock valued at $3,175,000 after buying an additional 12,828 shares during the period. First Trust Advisors LP increased its holdings in Cirrus Logic by 8.2% in the 3rd quarter. First Trust Advisors LP now owns 308,735 shares of the semiconductor company’s stock valued at $38,681,000 after buying an additional 23,440 shares during the period. Assenagon Asset Management S.A. increased its holdings in Cirrus Logic by 223.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 144,139 shares of the semiconductor company’s stock valued at $17,080,000 after buying an additional 99,526 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in Cirrus Logic by 546.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock valued at $46,005,000 after buying an additional 328,159 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Cirrus Logic by 9.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company’s stock valued at $15,391,000 after buying an additional 11,607 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

About Cirrus Logic

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.