Cirrus Logic, Inc. (CRUS) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) have received a consensus rating of “Buy” from the fifteen analysts that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $69.07.
CRUS has been the topic of several research reports. BidaskClub cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Vetr cut Cirrus Logic from a “strong-buy” rating to a “buy” rating and set a $70.00 price target on the stock. in a report on Tuesday, April 18th. Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Monday. Needham & Company LLC restated a “buy” rating and set a $80.00 price target (up from $70.00) on shares of Cirrus Logic in a report on Thursday, June 1st. Finally, Stifel Nicolaus restated a “buy” rating and set a $75.00 price target on shares of Cirrus Logic in a report on Thursday, August 3rd.
In other news, CFO Thurman K. Case sold 8,610 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $57.35, for a total transaction of $493,783.50. Following the transaction, the chief financial officer now directly owns 3,880 shares of the company’s stock, valued at $222,518. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William D. Sherman sold 1,378 shares of the company’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 value of $85,215.52. Following the transaction, the director now directly owns 7,307 shares in the company, valued at $451,864.88. The disclosure for this sale can be found here. Insiders have sold a total of 105,719 shares of company stock worth $6,342,696 over the last 90 days. Company insiders own 1.92% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Cirrus Logic by 7.7% in the first quarter. Vanguard Group Inc. now owns 7,057,091 shares of the semiconductor company’s stock worth $428,295,000 after buying an additional 502,335 shares during the last quarter. BlackRock Inc. raised its position in shares of Cirrus Logic by 20,057.8% in the first quarter. BlackRock Inc. now owns 6,973,982 shares of the semiconductor company’s stock worth $423,252,000 after buying an additional 6,939,385 shares during the last quarter. LSV Asset Management raised its position in shares of Cirrus Logic by 27.3% in the second quarter. LSV Asset Management now owns 2,597,827 shares of the semiconductor company’s stock worth $162,935,000 after buying an additional 557,048 shares during the last quarter. State Street Corp raised its position in shares of Cirrus Logic by 5.8% in the first quarter. State Street Corp now owns 2,226,243 shares of the semiconductor company’s stock worth $135,107,000 after buying an additional 122,309 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Cirrus Logic by 103.5% in the first quarter. AQR Capital Management LLC now owns 2,015,030 shares of the semiconductor company’s stock worth $122,292,000 after buying an additional 1,024,836 shares during the last quarter. 94.23% of the stock is currently owned by institutional investors.
Shares of Cirrus Logic (NASDAQ CRUS) opened at 55.46 on Friday. Cirrus Logic has a one year low of $47.01 and a one year high of $71.97. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 12.97 and a beta of 0.01. The firm’s 50-day moving average is $62.66 and its 200-day moving average is $61.51.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.15. The firm had revenue of $320.70 million during the quarter, compared to the consensus estimate of $320.32 million. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The business’s quarterly revenue was up 23.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.44 earnings per share. Analysts expect that Cirrus Logic will post $4.74 EPS for the current fiscal year.
About Cirrus Logic
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.
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