Cirrus Logic Inc. (CRUS) Reaches New 52-Week High at $53.28
Cirrus Logic Inc. (NASDAQ:CRUS) shares reached a new 52-week high on Friday . The stock traded as high as $53.28 and last traded at $51.87, with a volume of 278,319 shares. The stock had previously closed at $51.95.
Several research analysts have weighed in on CRUS shares. Stifel Nicolaus restated a “buy” rating and issued a $46.00 price target (up from $44.00) on shares of Cirrus Logic in a research note on Wednesday, June 1st. Canaccord Genuity reaffirmed a “buy” rating and set a $52.00 price objective on shares of Cirrus Logic in a report on Tuesday, July 12th. Needham & Company LLC upped their price objective on Cirrus Logic from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a report on Friday, July 29th. Finally, Barclays PLC cut Cirrus Logic from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $37.00 to $35.00 in a report on Thursday, May 5th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Cirrus Logic presently has an average rating of “Buy” and a consensus price target of $47.18.
The firm has a 50 day moving average price of $47.94 and a 200-day moving average price of $38.84. The firm has a market cap of $3.24 billion and a price-to-earnings ratio of 32.19.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.28 by $0.16. During the same period in the previous year, the business posted $0.54 earnings per share. The business earned $259.40 million during the quarter, compared to analyst estimates of $236.67 million. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis. Equities research analysts expect 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 firm’s stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $40.00, for a total value of $259,280.00. Following the sale, the director now directly owns 28,938 shares of the company’s stock, valued at $1,157,520. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William D. Sherman sold 1,200 shares of the firm’s stock in a transaction that occurred on 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 directly owns 12,257 shares in the company, valued at $623,268.45. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Cirrus Logic stock. Principal Financial Group Inc. boosted its position in Cirrus Logic Inc. (NASDAQ:CRUS) by 4.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 433,341 shares of the company’s stock after buying an additional 19,628 shares during the period. Principal Financial Group Inc. owned about 0.69% of Cirrus Logic worth $12,796,000 at the end of the most recent reporting period.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.