Cirrus Logic Inc. (CRUS) Shares Up 2%
Cirrus Logic Inc. (NASDAQ:CRUS) shares shot up 2% during trading on Thursday . The company traded as high as $37.03 and last traded at $36.33, with a volume of 406,164 shares trading hands. The stock had previously closed at $35.61.
A number of research firms recently issued reports on CRUS. Pacific Crest reaffirmed an “overweight” rating on shares of Cirrus Logic in a report on Monday, May 16th. Barclays PLC lowered Cirrus Logic from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $37.00 to $35.00 in a report on Thursday, May 5th. Canaccord Genuity began coverage on Cirrus Logic in a report on Tuesday, June 21st. They set a “buy” rating and a $52.00 target price on the stock. Needham & Company LLC began coverage on Cirrus Logic in a report on Monday, March 14th. They set a “buy” rating and a $50.00 target price on the stock. Finally, Zacks Investment Research lowered Cirrus Logic from a “buy” rating to a “hold” rating in a report on Monday, March 14th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Cirrus Logic currently has an average rating of “Buy” and an average price target of $43.08.
The firm has a market capitalization of $2.38 billion and a PE ratio of 20.43. The company has a 50 day moving average price of $37.07 and a 200 day moving average price of $34.12.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, April 26th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.17. The company earned $232 million during the quarter, compared to the consensus estimate of $226.65 million. The company’s revenue for the quarter was down 9.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.66 EPS. Equities research analysts predict that Cirrus Logic Inc. will post $2.85 earnings per share for the current fiscal year.
In related news, CEO Jason P. Rhode sold 50,000 shares of the company’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $34.41, for a total value of $1,720,500.00. Following the completion of the sale, the chief executive officer now owns 179,680 shares in the company, valued at $6,182,788.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alan R. Schuele sold 6,482 shares of the company’s stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $40.00, for a total value of $259,280.00. Following the completion of the sale, the director now owns 28,938 shares of the company’s stock, valued at approximately $1,157,520. The disclosure for this sale can be found here.
A number of large investors recently added to or reduced their stakes in the stock. Systematic Financial Management LP increased its stake in Cirrus Logic by 71.9% in the fourth quarter. Systematic Financial Management LP now owns 2,392,267 shares of the company’s stock worth $70,643,000 after buying an additional 1,000,294 shares in the last quarter. Wells Fargo & Company MN increased its stake in Cirrus Logic by 136.3% in the fourth quarter. Wells Fargo & Company MN now owns 726,658 shares of the company’s stock worth $21,459,000 after buying an additional 419,159 shares in the last quarter. Eaton Vance Management bought a new stake in Cirrus Logic during the fourth quarter worth approximately $12,991,000. Principal Financial Group Inc. increased its stake in Cirrus Logic by 4.7% in the fourth quarter. Principal Financial Group Inc. now owns 433,341 shares of the company’s stock worth $12,796,000 after buying an additional 19,628 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. bought a new stake in Cirrus Logic during the fourth quarter worth approximately $7,802,000.
Cirrus Logic, Inc (Cirrus Logic) develops high-precision, analog and mixed-signal integrated circuits (ICs) for a range of audio and energy markets. Cirrus Logic delivers products for consumer and professional audio, automotive entertainment, and targeted industrial applications including energy control, energy measurement, light emitting diode (LED) lighting and energy exploration.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.