Cirrus Logic Inc. (CRUS) Shares Gap Up to $50.46
Cirrus Logic Inc. (NASDAQ:CRUS) shares gapped up before the market opened on Monday . The stock had previously closed at $50.36, but opened at $50.46. Cirrus Logic shares last traded at $50.80, with a volume of 659,388 shares trading hands.
A number of brokerages recently issued reports on CRUS. Stifel Nicolaus reissued a “buy” rating and set a $46.00 price target (up from $44.00) on shares of Cirrus Logic in a research report on Wednesday, June 1st. Needham & Company LLC lifted their price target on shares of 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 reissued an “overweight” rating on shares of Cirrus Logic in a research report on Monday, May 16th. Oppenheimer Holdings Inc. reissued an “outperform” rating on shares of Cirrus Logic in a research report on Wednesday, April 27th. Finally, Barclays PLC cut shares of 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 research report on Thursday, May 5th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $47.18.
The firm’s 50-day moving average is $41.40 and its 200-day moving average is $36.39. The company has a market capitalization of $3.18 billion and a PE ratio of 31.60.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.16. The company earned $259.40 million during the quarter, compared to the consensus estimate of $236.67 million. During the same quarter in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. Equities analysts anticipate that Cirrus Logic Inc. will post $3.24 EPS for the current fiscal year.
In other Cirrus Logic news, CEO Jason P. Rhode sold 50,000 shares of the stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $34.41, for a total transaction of $1,720,500.00. Following the transaction, the chief executive officer now directly owns 179,680 shares in the company, valued at approximately $6,182,788.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Scott Arnold Anderson sold 25,000 shares of the stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $35.22, for a total transaction of $880,500.00. Following the transaction, the senior vice president now owns 41,966 shares in the company, valued at $1,478,042.52. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have modified their holdings of the company. Systematic Financial Management LP boosted its position 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 last quarter. Eaton Vance Management acquired a new position in shares of Cirrus Logic during the fourth quarter valued at about $12,991,000. Wells Fargo & Company MN boosted its position in shares of Cirrus Logic by 136.3% in the fourth quarter. Wells Fargo & Company MN now owns 726,658 shares of the company’s stock valued at $21,459,000 after buying an additional 419,159 shares during the last quarter. Westfield Capital Management Co. LP boosted its position 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 last quarter. Finally, Airain ltd boosted its position 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 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.
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