Cirrus Logic Inc. (CRUS) Price Target Raised to $62.00 at Stifel Nicolaus
Cirrus Logic Inc. (NASDAQ:CRUS) had its price objective lifted by Stifel Nicolaus from $58.00 to $62.00 in a research report report published on Thursday. Stifel Nicolaus currently has a buy rating on the stock.
A number of other equities analysts also recently weighed in on CRUS. Canaccord Genuity initiated coverage on shares of Cirrus Logic in a report on Tuesday, June 21st. They set a buy rating and a $52.00 target price on the stock. Oppenheimer Holdings Inc. restated an outperform rating and set a $45.00 target price on shares of Cirrus Logic in a report on Wednesday, July 27th. Needham & Company LLC boosted their target price on shares of Cirrus Logic from $50.00 to $55.00 and gave the stock a buy rating in a report on Thursday, July 28th. Barclays PLC boosted their target price on shares of Cirrus Logic from $35.00 to $38.00 and gave the stock an equal weight rating in a report on Thursday, July 28th. Finally, Pacific Crest restated an equal weight rating on shares of Cirrus Logic in a report on Friday, July 29th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Cirrus Logic presently has an average rating of Buy and an average price target of $49.50.
Shares of Cirrus Logic (NASDAQ:CRUS) traded down 0.179% during midday trading on Thursday, hitting $53.075. 180,132 shares of the company were exchanged. The company has a 50-day moving average of $52.57 and a 200 day moving average of $42.54. Cirrus Logic has a one year low of $25.09 and a one year high of $58.08. The company has a market capitalization of $3.32 billion, a P/E ratio of 32.945 and a beta of 0.41.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share 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. Cirrus Logic had a net margin of 9.26% and a return on equity of 14.44%. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.54 earnings per share. On average, equities research analysts expect that Cirrus Logic will post $3.28 earnings per share for the current fiscal year.
In other news, Director William D. Sherman sold 1,200 shares of the business’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 completion of the sale, the director now owns 12,257 shares of the company’s stock, valued at $623,268.45. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David J. Tupman sold 1,500 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $40.62, for a total transaction of $60,930.00. Following the completion of the sale, the director now directly owns 2,500 shares of the company’s stock, valued at approximately $101,550. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the stock. Springbok Capital Management LLC acquired a new stake in shares of Cirrus Logic during the first quarter worth about $1,185,000. Bayesian Capital Management LP acquired a new stake in shares of Cirrus Logic during the first quarter worth about $204,000. Wellington Management Group LLP acquired a new stake in shares of Cirrus Logic during the first quarter worth about $16,028,000. Geode Capital Management LLC boosted its stake in shares of Cirrus Logic by 0.9% in the first quarter. Geode Capital Management LLC now owns 572,093 shares of the company’s stock worth $20,829,000 after buying an additional 5,260 shares during the last quarter. Finally, Nicholas Investment Partners LP acquired a new stake in shares of Cirrus Logic during the first quarter worth about $1,247,000. 89.23% of the stock is owned by institutional investors.
Cirrus Logic Company Profile
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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