Cirrus Logic Inc. (CRUS) Reaches New 52-Week High at $52.30
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $52.30 and last traded at $52.17, with a volume of 389,152 shares traded. The stock had previously closed at $51.18.
CRUS has been the topic of several research analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $46.00 price objective (up from $44.00) on shares of Cirrus Logic in a research note on Wednesday, June 1st. Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a research note on Friday, July 29th. Needham & Company LLC lifted their price objective on Cirrus Logic from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating on shares of Cirrus Logic in a research note on Wednesday, April 27th. Finally, Barclays PLC lowered Cirrus Logic from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $37.00 to $35.00 in a research note on Thursday, May 5th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $47.18.
The stock has a 50 day moving average of $42.70 and a 200-day moving average of $36.92. The firm has a market cap of $3.25 billion and a P/E ratio of 32.2533.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.16. The business had revenue of $259.40 million for the quarter, compared to analyst estimates of $236.67 million. During the same period in the previous year, the firm posted $0.54 earnings per share. The firm’s quarterly revenue was down 8.2% on a year-over-year basis. Analysts anticipate that Cirrus Logic Inc. will post $3.24 earnings per share for the current fiscal year.
In other Cirrus Logic news, CEO Jason P. Rhode sold 50,000 shares of the business’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 transaction, the chief executive officer now owns 179,680 shares in the company, valued at $6,182,788.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Sherman sold 1,200 shares of the business’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $50.85, for a total value of $61,020.00. Following the completion of the transaction, the director now owns 12,257 shares in the company, valued at approximately $623,268.45. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently modified their holdings of the stock. Platinum Investment Management Ltd. purchased a new position in shares of Cirrus Logic during the fourth quarter worth approximately $4,429,000. Westfield Capital Management Co. LP increased its position in shares of 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 period. Airain ltd increased its position 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 during the period. Principal Financial Group Inc. increased its position 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 during the period. Finally, Wells Fargo & Company MN increased its position in shares of 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 during the period.
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.