Cirrus Logic, Inc. (CRUS) Rating Increased to Strong-Buy at Vetr Inc.
Vetr upgraded shares of Cirrus Logic, Inc. (NASDAQ:CRUS) from a buy rating to a strong-buy rating in a research report sent to investors on Thursday morning. Vetr currently has $66.67 price objective on the semiconductor company’s stock.
Several other brokerages also recently weighed in on CRUS. Needham & Company LLC reaffirmed a buy rating and set a $70.00 target price on shares of Cirrus Logic in a research note on Friday, April 14th. Barclays PLC downgraded shares of Cirrus Logic from an equal weight rating to an underweight rating and set a $55.00 target price on the stock. in a research note on Tuesday, July 18th. Pacific Crest reaffirmed an overweight rating and set a $75.00 target price on shares of Cirrus Logic in a research note on Wednesday, June 21st. Dougherty & Co upped their target price on shares of Cirrus Logic from $65.00 to $70.00 and gave the stock a buy rating in a research note on Thursday, May 4th. Finally, BidaskClub downgraded shares of Cirrus Logic from a strong-buy rating to a buy rating in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Cirrus Logic has a consensus rating of Buy and a consensus price target of $68.67.
Shares of Cirrus Logic (NASDAQ:CRUS) traded down 0.33% during trading on Thursday, hitting $57.26. 741,099 shares of the stock were exchanged. Cirrus Logic has a one year low of $47.01 and a one year high of $71.97. The stock’s 50 day moving average price is $63.83 and its 200-day moving average price is $61.54. The company has a market cap of $3.67 billion, a price-to-earnings ratio of 13.39 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.15. The business had revenue of $320.70 million for the quarter, compared to the consensus estimate of $320.32 million. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The business’s revenue was up 23.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 EPS. On average, analysts predict that Cirrus Logic will post $4.69 EPS for the current year.
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In other Cirrus Logic news, VP Scott Arnold Anderson sold 17,466 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $64.20, for a total transaction of $1,121,317.20. Following the completion of the transaction, the vice president now owns 24,432 shares in the company, valued at approximately $1,568,534.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William D. Sherman sold 1,378 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $61.84, for a total transaction of $85,215.52. Following the transaction, the director now owns 7,307 shares of the company’s stock, valued at approximately $451,864.88. The disclosure for this sale can be found here. Insiders have sold a total of 41,777 shares of company stock valued at $2,689,055 in the last quarter. 1.92% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Oregon Public Employees Retirement Fund boosted its position in Cirrus Logic by 2.6% in the first quarter. Oregon Public Employees Retirement Fund now owns 22,283 shares of the semiconductor company’s stock valued at $1,352,000 after buying an additional 575 shares during the period. Emerald Advisers Inc. PA purchased a new position in Cirrus Logic during the first quarter valued at approximately $13,803,000. Emerald Mutual Fund Advisers Trust purchased a new position in Cirrus Logic during the first quarter valued at approximately $8,737,000. Hillcrest Asset Management LLC boosted its position in Cirrus Logic by 8.0% in the first quarter. Hillcrest Asset Management LLC now owns 179,993 shares of the semiconductor company’s stock valued at $10,924,000 after buying an additional 13,284 shares during the period. Finally, Old Mutual Global Investors UK Ltd. boosted its position in Cirrus Logic by 1,806.8% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 541,359 shares of the semiconductor company’s stock valued at $32,855,000 after buying an additional 512,968 shares during the period. Institutional investors own 94.23% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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