Cirrus Logic Inc. (CRUS) Hits New 52-Week High at $50.00
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) hit a new 52-week high on Friday . The stock traded as high as $50.00 and last traded at $49.91, with a volume of 430,262 shares changing hands. The stock had previously closed at $49.01.
Several analysts recently weighed in on CRUS shares. Needham & Company LLC increased their target price on Cirrus Logic from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Stifel Nicolaus upped their price target on Cirrus Logic from $46.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Canaccord Genuity reaffirmed a “buy” rating and issued a $52.00 price target on shares of Cirrus Logic in a report on Tuesday, July 12th. Pacific Crest reaffirmed a “buy” rating and issued a $40.00 price target on shares of Cirrus Logic in a report on Thursday, April 14th. Finally, Barclays PLC cut Cirrus Logic from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $37.00 to $35.00 in a report on Thursday, May 5th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Cirrus Logic presently has a consensus rating of “Buy” and an average price target of $47.18.
The firm has a market capitalization of $3.15 billion and a PE ratio of 31.32. The firm’s 50 day moving average price is $41.02 and its 200-day moving average price is $36.09.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.16. During the same quarter in the previous year, the business posted $0.54 EPS. The business had revenue of $259.40 million for the quarter, compared to the consensus estimate of $236.67 million. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. Equities analysts anticipate that Cirrus Logic Inc. will post $3.24 earnings per share for the current fiscal year.
In related news, VP Bradley J. Fluke sold 32,473 shares of Cirrus Logic stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $48.36, for a total transaction of $1,570,394.28. Following the completion of the transaction, the vice president now owns 22,473 shares in the company, valued at $1,086,794.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Scott Arnold Anderson sold 40,000 shares of Cirrus Logic stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $48.82, for a total value of $1,952,800.00. Following the transaction, the vice president now owns 36,966 shares of the company’s stock, valued at approximately $1,804,680.12. The disclosure for this sale can be found here.
A number of institutional investors have bought and sold shares of CRUS. Westfield Capital Management Co. LP boosted its position in Cirrus Logic by 74.0% in the fourth quarter. Westfield Capital Management Co. LP now owns 950,130 shares of the company’s stock worth $28,057,000 after buying an additional 404,178 shares during the last quarter. Airain ltd boosted its stake in shares of Cirrus Logic by 319.6% in the fourth quarter. Airain ltd now owns 119,473 shares of the company’s stock worth $3,528,000 after buying an additional 91,001 shares in the last quarter. Systematic Financial Management LP boosted its stake in shares of 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. Eaton Vance Management purchased a new stake in shares of Cirrus Logic during the fourth quarter worth about $12,991,000. Finally, Principal Financial Group Inc. boosted its stake in shares of 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.
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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