Cirrus Logic, Inc. (CRUS) Given “Overweight” Rating at KeyCorp
Several other brokerages have also commented on CRUS. Needham & Company LLC reissued a buy rating and set a $80.00 price objective (up previously from $70.00) on shares of Cirrus Logic in a research report on Thursday, June 1st. Barclays PLC lowered Cirrus Logic from an equal weight rating to an underweight rating and set a $55.00 price objective for the company. in a research report on Tuesday, July 18th. Stifel Nicolaus raised their price objective on Cirrus Logic from $70.00 to $73.00 and gave the company a buy rating in a research report on Wednesday, May 24th. BidaskClub lowered Cirrus Logic from a strong-buy rating to a buy rating in a research report on Wednesday, August 2nd. Finally, Pacific Crest reaffirmed an overweight rating and issued a $75.00 price target on shares of Cirrus Logic in a research report on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $68.59.
Cirrus Logic (CRUS) traded up 1.14% on Thursday, reaching $57.85. 1,031,102 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $57.35 and its 200 day moving average price is $61.39. The company has a market cap of $3.69 billion and a PE ratio of 13.53. Cirrus Logic has a 12 month low of $48.91 and a 12 month high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.66 by $0.15. The business had revenue of $320.70 million during the quarter, compared to analyst estimates of $320.32 million. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The company’s revenue for the quarter was up 23.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 earnings per share. On average, equities analysts expect that Cirrus Logic will post $4.74 EPS for the current fiscal year.
In other Cirrus Logic news, VP Randolph K. Carlson sold 53,332 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $57.10, for a total value of $3,045,257.20. Following the completion of the transaction, the vice president now owns 27,265 shares of the company’s stock, valued at approximately $1,556,831.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Andrew Brannan sold 21,504 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $55.10, for a total value of $1,184,870.40. Following the completion of the transaction, the vice president now directly owns 21,504 shares of the company’s stock, valued at approximately $1,184,870.40. The disclosure for this sale can be found here. In the last three months, insiders sold 92,313 shares of company stock valued at $5,235,918. 1.92% of the stock is owned by insiders.
Large investors have recently modified their holdings of the business. Evanston Investments Inc. dba Evanston Advisors purchased a new position in Cirrus Logic in the 2nd quarter worth about $1,254,000. Soros Fund Management LLC purchased a new position in Cirrus Logic in the 1st quarter worth about $225,000. State of Tennessee Treasury Department raised its position in Cirrus Logic by 135.2% in the 2nd quarter. State of Tennessee Treasury Department now owns 211,710 shares of the semiconductor company’s stock worth $13,278,000 after buying an additional 121,710 shares during the last quarter. Capital One National Association raised its position in Cirrus Logic by 8.0% in the 2nd quarter. Capital One National Association now owns 39,549 shares of the semiconductor company’s stock worth $2,481,000 after buying an additional 2,938 shares during the last quarter. Finally, James Investment Research Inc. purchased a new position in Cirrus Logic in the 2nd quarter worth about $1,342,000. 89.15% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Ratings for Cirrus Logic Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic Inc. and related companies with MarketBeat.com's FREE daily email newsletter.