Cirrus Logic Inc. (CRUS) Shares Up 2%
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) shot up 2% during trading on Thursday . The company traded as high as $37.03 and last traded at $36.33, with a volume of 406,164 shares traded. The stock had previously closed at $35.61.
A number of research firms recently commented on CRUS. Stifel Nicolaus reiterated a “buy” rating and set a $46.00 price objective (up previously from $44.00) on shares of Cirrus Logic in a research report on Wednesday, June 1st. Pacific Crest restated an “overweight” rating on shares of Cirrus Logic in a report on Monday, May 16th. Needham & Company LLC restated a “buy” rating on shares of Cirrus Logic in a report on Wednesday, April 27th. Oppenheimer Holdings Inc. restated an “outperform” rating on shares of Cirrus Logic in a report on Wednesday, April 27th. Finally, Barclays PLC cut Cirrus Logic from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $37.00 to $35.00 in a report on Thursday, May 5th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Cirrus Logic presently has an average rating of “Buy” and a consensus target price of $43.08.
The firm’s 50-day moving average is $36.81 and its 200-day moving average is $34.05. The stock has a market cap of $2.30 billion and a price-to-earnings ratio of 19.76.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, April 26th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.21 by $0.17. The company had revenue of $232 million for the quarter, compared to analysts’ expectations of $226.65 million. During the same period in the prior year, the company earned $0.66 earnings per share. The company’s revenue for the quarter was down 9.1% on a year-over-year basis. On average, equities research analysts anticipate that Cirrus Logic Inc. will post $2.85 earnings per share for the current fiscal year.
In other news, CFO Thurman K. Case sold 7,000 shares of the company’s stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $36.11, for a total transaction of $252,770.00. Following the completion of the sale, the chief financial officer now directly owns 31,008 shares of the company’s stock, valued at $1,119,698.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Randolph K. Carlson sold 12,120 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $36.22, for a total value of $438,986.40. Following the sale, the vice president now directly owns 19,385 shares of the company’s stock, valued at $702,124.70. The disclosure for this sale can be found here.
Other large investors recently made changes to their positions in the company. Artemis Investment Management LLP bought a new stake in shares of Cirrus Logic during the fourth quarter valued at approximately $7,372,000. Oxford Asset Management raised its position in Cirrus Logic by 290.9% in the fourth quarter. Oxford Asset Management now owns 119,735 shares of the company’s stock valued at $3,564,000 after buying an additional 89,105 shares during the last quarter. LSV Asset Management acquired a new position in Cirrus Logic during the fourth quarter valued at $2,855,000. Old Mutual Global Investors UK Ltd. acquired a new position in Cirrus Logic during the fourth quarter valued at $7,802,000. Finally, California State Teachers Retirement System raised its position in Cirrus Logic by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 117,528 shares of the company’s stock valued at $3,471,000 after buying an additional 1,916 shares during the last quarter.
Cirrus Logic, Inc (Cirrus Logic) develops high-precision, analog and mixed-signal integrated circuits (ICs) for a range of audio and energy markets. Cirrus Logic delivers products for consumer and professional audio, automotive entertainment, and targeted industrial applications including energy control, energy measurement, light emitting diode (LED) lighting and energy exploration.