Cirrus Logic Inc. (NASDAQ:CRUS) had its price objective raised by Canaccord Genuity from $56.00 to $65.00 in a note issued to investors on Tuesday. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity’s target price suggests a potential upside of 16.30% from the stock’s current price.

Several other equities analysts also recently weighed in on the company. Barclays PLC raised their price target on Cirrus Logic from $35.00 to $38.00 and gave the company an “equal weight” rating in a report on Thursday, July 28th. Stifel Nicolaus raised their price target on Cirrus Logic from $46.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Pacific Crest restated an “overweight” rating and set a $40.00 price target on shares of Cirrus Logic in a report on Tuesday, June 7th. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $45.00 price target on shares of Cirrus Logic in a report on Wednesday, July 27th. Finally, Needham & Company LLC restated a “buy” rating and set a $55.00 price target on shares of Cirrus Logic in a report on Thursday, August 4th. Two equities research 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 stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $48.64.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

Shares of Cirrus Logic (NASDAQ:CRUS) opened at 55.89 on Tuesday. The firm’s 50-day moving average is $51.62 and its 200-day moving average is $40.55. The firm has a market capitalization of $3.49 billion, a P/E ratio of 34.69 and a beta of 0.44. Cirrus Logic has a 52 week low of $25.09 and a 52 week high of $58.08.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.16. The business earned $259.40 million during the quarter, compared to the consensus estimate of $236.67 million. Cirrus Logic had a return on equity of 14.44% and a net margin of 9.26%. The firm’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.54 earnings per share. Equities analysts anticipate that Cirrus Logic will post $3.28 EPS for the current year.

In other Cirrus Logic news, Director David J. Tupman sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $40.62, for a total value of $60,930.00. Following the transaction, the director now directly owns 2,500 shares of the company’s stock, valued at $101,550. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thurman K. Case sold 24,968 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $47.26, for a total value of $1,179,987.68. Following the completion of the transaction, the chief financial officer now directly owns 30,734 shares in the company, valued at $1,452,488.84. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CRUS. BlackRock Fund Advisors boosted its position in shares of Cirrus Logic by 0.9% in the second quarter. BlackRock Fund Advisors now owns 3,962,562 shares of the company’s stock valued at $153,708,000 after buying an additional 35,325 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Cirrus Logic by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,443,895 shares of the company’s stock valued at $94,797,000 after buying an additional 34,464 shares during the last quarter. State Street Corp boosted its position in shares of Cirrus Logic by 0.9% in the second quarter. State Street Corp now owns 1,415,098 shares of the company’s stock valued at $54,889,000 after buying an additional 11,969 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Cirrus Logic by 20.8% in the second quarter. Bank of New York Mellon Corp now owns 1,282,897 shares of the company’s stock valued at $49,764,000 after buying an additional 220,708 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Cirrus Logic by 22.6% in the second quarter. Ameriprise Financial Inc. now owns 1,220,749 shares of the company’s stock valued at $47,354,000 after buying an additional 225,212 shares during the last quarter. 89.23% of the stock is currently owned by institutional investors and hedge funds.

About Cirrus Logic

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.

5 Day Chart for NASDAQ:CRUS

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