Craig Hallum Reiterates “Buy” Rating for Cirrus Logic (CRUS)

December 6th, 2018 - 0 comments - Filed Under - by Jeff Wilder

Cirrus Logic (NASDAQ:CRUS)‘s stock had its “buy” rating reissued by equities researchers at Craig Hallum in a research note issued to investors on Tuesday, Marketbeat.com reports. They presently have a $44.00 price target on the semiconductor company’s stock, down from their prior price target of $47.00. Craig Hallum’s price objective would suggest a potential upside of 15.94% from the company’s current price.

Several other equities research analysts have also commented on CRUS. Zacks Investment Research upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Tuesday, August 7th. BidaskClub upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Wednesday, August 29th. ValuEngine upgraded shares of Cirrus Logic from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th. Finally, TheStreet upgraded shares of Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Thursday, November 8th. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $45.88.

Shares of NASDAQ:CRUS opened at $37.95 on Tuesday. Cirrus Logic has a 52 week low of $34.49 and a 52 week high of $55.13. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of 10.28, a PEG ratio of 1.11 and a beta of 0.50.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Thursday, November 1st. The semiconductor company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.74 by $0.34. Cirrus Logic had a net margin of 7.09% and a return on equity of 15.55%. The company had revenue of $366.30 million for the quarter, compared to analyst estimates of $330.27 million. During the same quarter last year, the business earned $1.36 earnings per share. Cirrus Logic’s revenue was down 13.9% compared to the same quarter last year. Equities research analysts forecast that Cirrus Logic will post 2.28 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in CRUS. BlackRock Inc. increased its stake in shares of Cirrus Logic by 7.8% during the second quarter. BlackRock Inc. now owns 8,486,370 shares of the semiconductor company’s stock valued at $325,283,000 after acquiring an additional 610,960 shares during the period. Vanguard Group Inc. increased its stake in shares of Cirrus Logic by 0.4% during the third quarter. Vanguard Group Inc. now owns 5,619,593 shares of the semiconductor company’s stock valued at $216,916,000 after acquiring an additional 24,334 shares during the period. LSV Asset Management increased its stake in shares of Cirrus Logic by 1.9% during the third quarter. LSV Asset Management now owns 3,285,586 shares of the semiconductor company’s stock valued at $126,823,000 after acquiring an additional 59,700 shares during the period. AQR Capital Management LLC increased its stake in shares of Cirrus Logic by 1.9% during the third quarter. AQR Capital Management LLC now owns 2,766,026 shares of the semiconductor company’s stock valued at $106,768,000 after acquiring an additional 52,377 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Cirrus Logic by 6.8% during the third quarter. Dimensional Fund Advisors LP now owns 2,272,031 shares of the semiconductor company’s stock valued at $87,699,000 after acquiring an additional 144,179 shares during the period. Institutional investors own 90.44% of the company’s stock.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.