Cirrus Logic Inc. (CRUS) Hits New 12-Month High at $53.28
Cirrus Logic Inc. (NASDAQ:CRUS)’s share price reached a new 52-week high on Friday . The stock traded as high as $53.28 and last traded at $51.87, with a volume of 278,319 shares changing hands. The stock had previously closed at $51.95.
CRUS has been the topic of several research analyst reports. Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a research report on Monday, August 29th. 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 report on Monday, August 1st. Canaccord Genuity reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Cirrus Logic in a research report on Tuesday, July 12th. Needham & Company LLC upped their price objective on Cirrus Logic from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $46.00 price objective (up previously from $44.00) on shares of Cirrus Logic in a research report on Wednesday, June 1st. Two 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. The company has an average rating of “Buy” and a consensus price target of $47.18.
The company has a market capitalization of $3.26 billion and a PE ratio of 32.37. The firm has a 50 day moving average price of $48.26 and a 200 day moving average price of $38.94.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data 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 company had revenue of $259.40 million for the quarter, compared to analysts’ expectations of $236.67 million. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 EPS. On average, equities analysts anticipate that Cirrus Logic Inc. will post $3.24 earnings per share for the current fiscal year.
In other Cirrus Logic news, VP Andrew Brannan sold 21,498 shares of Cirrus Logic 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 sale, the vice president now owns 21,498 shares in the company, valued at $1,120,905.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Randolph K. Carlson sold 7,500 shares of Cirrus Logic stock in a transaction on Monday, August 8th. The shares were sold at an average price of $51.13, for a total value of $383,475.00. Following the completion of the sale, the vice president now owns 14,765 shares in the company, valued at approximately $754,934.45. The disclosure for this sale can be found here.
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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