Cirrus Logic Inc. (CRUS) Stock Price Up 2%
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) rose 2% during trading on Thursday . The company traded as high as $51.82 and last traded at $51.74, with a volume of 320,440 shares traded. The stock had previously closed at $50.75.
CRUS has been the topic of a number of research reports. Pacific Crest reissued an “equal weight” rating on shares of Cirrus Logic in a research note on Monday. Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 price objective on the stock in a research note on Monday, August 1st. Canaccord Genuity reissued a “buy” rating and issued a $52.00 price objective on shares of Cirrus Logic in a research note on Tuesday, July 12th. Needham & Company LLC boosted their price objective on Cirrus Logic from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $46.00 price objective (up previously from $44.00) on shares of Cirrus Logic in a research note on Wednesday, June 1st. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $47.18.
The firm has a market cap of $3.25 billion and a price-to-earnings ratio of 32.25. The firm’s 50-day moving average price is $47.59 and its 200 day moving average price is $38.75.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.16. The business had revenue of $259.40 million for the quarter, compared to the consensus estimate of $236.67 million. During the same quarter last year, the company earned $0.54 earnings per share. The firm’s revenue was down 8.2% on a year-over-year basis. Analysts expect that Cirrus Logic Inc. will post $3.24 EPS for the current fiscal year.
In other Cirrus Logic news, VP Andrew Brannan sold 21,498 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $52.14, for a total value of $1,120,905.72. Following the transaction, the vice president now directly owns 21,498 shares in the company, valued at approximately $1,120,905.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thurman K. Case sold 32,000 shares of the stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $40.00, for a total value of $1,280,000.00. Following the completion of the transaction, the chief financial officer now owns 31,008 shares in the company, valued at $1,240,320. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Cirrus Logic stock. Principal Financial Group Inc. boosted its position in shares of Cirrus Logic Inc. (NASDAQ:CRUS) by 4.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 433,341 shares of the company’s stock after buying an additional 19,628 shares during the period. Principal Financial Group Inc. owned 0.69% of Cirrus Logic worth $12,796,000 as of its most recent filing with the SEC.
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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