Cirrus Logic Inc. (CRUS) Sets New 12-Month High at $50.00
Cirrus Logic Inc. (NASDAQ:CRUS) hit a new 52-week high on Friday . The company traded as high as $50.00 and last traded at $49.91, with a volume of 430,262 shares trading hands. The stock had previously closed at $49.01.
A number of equities research analysts recently weighed in on the company. Stifel Nicolaus reaffirmed 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. Needham & Company LLC raised their price objective on Cirrus Logic from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Pacific Crest reaffirmed an “overweight” rating on shares of Cirrus Logic in a research report on Monday, May 16th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating on shares of Cirrus Logic in a research report on Wednesday, April 27th. Finally, Barclays PLC downgraded Cirrus Logic from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $37.00 to $35.00 in a research report on Thursday, May 5th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $47.18.
The stock has a 50-day moving average of $40.65 and a 200 day moving average of $35.98. The stock has a market capitalization of $3.15 billion and a PE ratio of 31.32.
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, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.16. During the same quarter in the prior year, the firm posted $0.54 EPS. The firm earned $259.40 million during the quarter, compared to analysts’ expectations of $236.67 million. Cirrus Logic’s quarterly revenue was down 8.2% compared to the same quarter last year. On average, equities analysts anticipate that Cirrus Logic Inc. will post $3.24 EPS for the current year.
In other Cirrus Logic news, Director Alan R. Schuele sold 6,482 shares of the company’s stock in a transaction dated Tuesday, June 21st. The stock was sold at an average price of $40.00, for a total transaction of $259,280.00. Following the sale, the director now owns 28,938 shares in the company, valued at approximately $1,157,520. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jason P. Rhode sold 50,000 shares of the company’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $34.41, for a total value of $1,720,500.00. Following the sale, the chief executive officer now owns 179,680 shares in the company, valued at approximately $6,182,788.80. The disclosure for this sale can be found here.
A number of large investors recently modified their holdings of the company. Westfield Capital Management Co. LP increased its stake in shares of Cirrus Logic by 74.0% in the fourth quarter. Westfield Capital Management Co. LP now owns 950,130 shares of the company’s stock valued at $28,057,000 after buying an additional 404,178 shares during the period. Airain ltd increased its stake in shares of Cirrus Logic by 319.6% in the fourth quarter. Airain ltd now owns 119,473 shares of the company’s stock valued at $3,528,000 after buying an additional 91,001 shares during the period. Systematic Financial Management LP increased its stake in shares of Cirrus Logic by 71.9% in the fourth quarter. Systematic Financial Management LP now owns 2,392,267 shares of the company’s stock valued at $70,643,000 after buying an additional 1,000,294 shares during the period. Eaton Vance Management bought a new stake in shares of Cirrus Logic during the fourth quarter valued at $12,991,000. Finally, Principal Financial Group Inc. increased its stake in shares of Cirrus Logic by 4.7% in the fourth quarter. Principal Financial Group Inc. now owns 433,341 shares of the company’s stock valued at $12,796,000 after buying an additional 19,628 shares during the period.
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.
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