Cirrus Logic Inc. (CRUS) Given Consensus Rating of “Buy” by Brokerages
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) have been given an average rating of “Buy” by the twelve research firms that are presently covering the company. Three research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $55.80.
A number of analysts recently commented on CRUS shares. Pacific Crest reiterated an “equal weight” rating on shares of Cirrus Logic in a research report on Monday, August 29th. Zacks Investment Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 27th. Craig Hallum started coverage on Cirrus Logic in a research report on Monday, November 21st. They set a “hold” rating and a $60.00 price objective for the company. Stifel Nicolaus lifted their price objective on Cirrus Logic from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, September 8th. Finally, Canaccord Genuity lifted their price objective on Cirrus Logic from $56.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, September 20th.
In other Cirrus Logic news, Director William D. Sherman sold 6,462 shares of the business’s stock in a transaction on Monday, November 28th. The stock was sold at an average price of $57.93, for a total transaction of $374,343.66. Following the completion of the transaction, the director now owns 5,229 shares in the company, valued at approximately $302,915.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Bradley J. Fluke sold 4,239 shares of the business’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $55.01, for a total value of $233,187.39. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CRUS. Essex Investment Management Co. LLC acquired a new position in shares of Cirrus Logic during the second quarter worth about $910,000. Artemis Investment Management LLP acquired a new position in shares of Cirrus Logic during the second quarter worth about $15,251,000. Boston Advisors LLC raised its position in shares of Cirrus Logic by 0.7% in the second quarter. Boston Advisors LLC now owns 17,625 shares of the company’s stock worth $684,000 after buying an additional 115 shares during the period. Strs Ohio raised its position in shares of Cirrus Logic by 22.0% in the second quarter. Strs Ohio now owns 7,200 shares of the company’s stock worth $279,000 after buying an additional 1,300 shares during the period. Finally, Adams Diversified Equity Fund Inc. acquired a new position in shares of Cirrus Logic during the second quarter worth about $353,000. Institutional investors own 88.53% of the company’s stock.
Shares of Cirrus Logic (NASDAQ:CRUS) traded down 2.86% during mid-day trading on Wednesday, reaching $55.64. 706,458 shares of the company’s stock were exchanged. Cirrus Logic has a 52 week low of $25.09 and a 52 week high of $59.50. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of 24.53 and a beta of 0.29. The stock has a 50 day moving average price of $54.88 and a 200 day moving average price of $47.11.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Thursday, October 27th. The company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.30. The firm earned $428.62 million during the quarter, compared to analysts’ expectations of $396.75 million. Cirrus Logic had a return on equity of 18.83% and a net margin of 11.78%. The firm’s quarterly revenue was up 39.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 EPS. Equities research analysts predict that Cirrus Logic will post $4.10 EPS for the current year.
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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