Cirrus Logic Inc. (CRUS) Hits New 1-Year High at $52.77
Cirrus Logic Inc. (NASDAQ:CRUS) shares reached a new 52-week high on Tuesday . The company traded as high as $52.77 and last traded at $51.97, with a volume of 241,543 shares changing hands. The stock had previously closed at $52.12.
A number of research firms recently weighed in on CRUS. Oppenheimer Holdings Inc. reissued an “outperform” rating on shares of Cirrus Logic in a report on Wednesday, April 27th. Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a research note on Friday, July 29th. Barclays PLC lowered shares of Cirrus Logic from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $37.00 to $35.00 in a research note on Thursday, May 5th. Canaccord Genuity started coverage on shares of Cirrus Logic in a research note on Tuesday, June 21st. They set a “buy” rating and a $52.00 price objective for the company. Finally, Needham & Company LLC lifted their price objective on shares of Cirrus Logic from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Cirrus Logic presently has an average rating of “Buy” and an average target price of $47.18.
The stock has a market capitalization of $3.23 billion and a PE ratio of 32.05. The firm’s 50 day moving average is $45.73 and its 200-day moving average is $38.06.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.16. During the same quarter in the prior year, the company posted $0.54 earnings per share. The business had revenue of $259.40 million for the quarter, compared to analysts’ expectations of $236.67 million. The business’s revenue for the quarter was down 8.2% compared to the same quarter last year. Analysts anticipate that Cirrus Logic Inc. will post $3.24 EPS for the current fiscal year.
In related news, VP Scott Thomas sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, June 21st. The stock was sold at an average price of $40.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the vice president now directly owns 61,005 shares in the company, valued at approximately $2,440,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William D. Sherman sold 1,200 shares of the firm’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 transaction, the director now owns 12,257 shares of the company’s stock, valued at $623,268.45. The disclosure for this sale can be found here.
Other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. boosted 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. Airain ltd boosted 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. Finally, Westfield Capital Management Co. LP boosted 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.
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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