Cirrus Logic Inc. (CRUS) Trading Up 2%
Cirrus Logic Inc. (NASDAQ:CRUS)’s share price was up 2% during mid-day trading on Thursday . The company traded as high as $51.82 and last traded at $51.74, with a volume of 320,440 shares. The stock had previously closed at $50.75.
A number of equities analysts have recently issued reports on CRUS shares. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price target on shares of Cirrus Logic in a research report on Thursday, August 4th. Stifel Nicolaus reissued a “buy” rating and issued a $46.00 target price (up from $44.00) on shares of Cirrus Logic in a research report on Wednesday, June 1st. Canaccord Genuity reissued a “buy” rating and issued a $52.00 target price on shares of Cirrus Logic in a research report on Tuesday, July 12th. Pacific Crest reissued an “equal weight” rating on shares of Cirrus Logic in a research report on Friday, July 29th. Finally, Barclays PLC upped their target price on Cirrus Logic from $35.00 to $38.00 and gave the company an “equal weight” rating in a research report on Thursday, July 28th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $47.18.
The stock has a 50 day moving average of $48.26 and a 200-day moving average of $38.94. The stock has a market cap of $3.26 billion and a price-to-earnings ratio of 32.37.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.16. The firm had revenue of $259.40 million for the quarter, compared to analysts’ expectations of $236.67 million. During the same period last year, the firm posted $0.54 earnings per share. Cirrus Logic’s revenue for the quarter was down 8.2% on a year-over-year basis. On average, equities research analysts predict that Cirrus Logic Inc. will post $3.24 earnings per share for the current year.
In other Cirrus Logic news, Director Alan R. Schuele sold 6,482 shares of Cirrus Logic stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $40.00, for a total value of $259,280.00. Following the transaction, the director now directly owns 28,938 shares in the company, valued at $1,157,520. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Scott Thomas sold 50,000 shares of Cirrus Logic stock in a transaction on Tuesday, June 21st. The shares were 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 owns 61,005 shares in the company, valued at $2,440,200. 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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