Cirrus Logic Inc. (CRUS) Shares Up 2.6%
Cirrus Logic Inc. (NASDAQ:CRUS) shot up 2.6% on Thursday . The stock traded as high as $40.44 and last traded at $40.38, with a volume of 506,696 shares. The stock had previously closed at $39.34.
Several brokerages recently weighed in on CRUS. Canaccord Genuity reaffirmed a “buy” rating on shares of Cirrus Logic in a report on Tuesday. Pacific Crest reaffirmed an “overweight” rating and set a $40.00 price target on shares of Cirrus Logic in a report on Tuesday, June 7th. Stifel Nicolaus reaffirmed a “buy” rating and set a $46.00 price target (up from $44.00) on shares of Cirrus Logic in a report on Wednesday, June 1st. Barclays PLC downgraded Cirrus Logic from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $37.00 to $35.00 in a report on Thursday, May 5th. Finally, Oppenheimer Holdings Inc. reaffirmed an “outperform” rating on shares of Cirrus Logic in a report on Wednesday, April 27th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Cirrus Logic currently has a consensus rating of “Buy” and a consensus target price of $43.08.
The stock has a 50-day moving average of $37.61 and a 200-day moving average of $34.33. The stock has a market capitalization of $2.52 billion and a price-to-earnings ratio of 21.64.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Tuesday, April 26th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.17. The firm had revenue of $232 million for the quarter, compared to analysts’ expectations of $226.65 million. During the same quarter in the prior year, the business posted $0.66 earnings per share. Cirrus Logic’s revenue was down 9.1% on a year-over-year basis. On average, analysts forecast that Cirrus Logic Inc. will post $2.85 earnings per share for the current fiscal year.
In related news, Director Alan R. Schuele sold 6,482 shares of the stock in a transaction on Tuesday, June 21st. The stock was sold at an average price of $40.00, for a total transaction of $259,280.00. Following the completion of the sale, the director now directly owns 28,938 shares in the company, valued at $1,157,520. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Timothy R. Dehne sold 6,462 shares of the stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $35.30, for a total value of $228,108.60. Following the sale, the director now owns 23,962 shares of the company’s stock, valued at $845,858.60. The disclosure for this sale can be found here.
Other hedge funds have recently made changes to their positions in the company. Mutual of America Capital Management LLC raised its stake in shares of Cirrus Logic by 9.6% in the fourth quarter. Mutual of America Capital Management LLC now owns 43,049 shares of the company’s stock valued at $1,271,000 after buying an additional 3,783 shares in the last quarter. Comerica Bank increased its position in Cirrus Logic by 0.9% in the fourth quarter. Comerica Bank now owns 64,800 shares of the company’s stock valued at $1,801,000 after buying an additional 555 shares during the last quarter. Holderness Investments Co. increased its position in Cirrus Logic by 0.4% in the fourth quarter. Holderness Investments Co. now owns 63,026 shares of the company’s stock valued at $1,861,000 after buying an additional 230 shares during the last quarter. Nationwide Fund Advisors increased its position in Cirrus Logic by 0.9% in the fourth quarter. Nationwide Fund Advisors now owns 68,869 shares of the company’s stock valued at $2,034,000 after buying an additional 598 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Cirrus Logic by 8.7% in the fourth quarter. Rhumbline Advisers now owns 80,665 shares of the company’s stock valued at $2,382,000 after buying an additional 6,455 shares during the last quarter.
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.
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