Cirrus Logic, Inc. (NASDAQ:CRUS) Receives $141.67 Consensus PT from Analysts

Cirrus Logic, Inc. (NASDAQ:CRUS) has been given a consensus recommendation of “Moderate Buy” by the seven analysts that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $142.50.

A number of brokerages recently commented on CRUS. Zacks Research upgraded shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating in a report on Monday, October 27th. KeyCorp increased their target price on Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Monday, December 29th. Wall Street Zen downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Susquehanna boosted their target price on Cirrus Logic from $140.00 to $155.00 and gave the company a “positive” rating in a research note on Wednesday, October 22nd.

Insider Transactions at Cirrus Logic

In related news, EVP Scott Thomas sold 734 shares of the firm’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $131.25, for a total value of $96,337.50. Following the completion of the transaction, the executive vice president directly owned 26,307 shares of the company’s stock, valued at approximately $3,452,793.75. This trade represents a 2.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andrew Brannan sold 8,913 shares of the stock in a transaction on Friday, November 14th. The shares were sold at an average price of $119.06, for a total transaction of $1,061,181.78. Following the completion of the sale, the executive vice president owned 5,950 shares of the company’s stock, valued at approximately $708,407. This represents a 59.97% decrease in their position. The SEC filing for this sale provides additional information. 1.16% of the stock is currently owned by insiders.

Institutional Trading of Cirrus Logic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Cirrus Logic in the second quarter valued at about $68,744,000. Vaughan Nelson Investment Management L.P. raised its position in Cirrus Logic by 546.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock valued at $46,005,000 after purchasing an additional 328,159 shares in the last quarter. DNB Asset Management AS lifted its stake in Cirrus Logic by 124.1% during the second quarter. DNB Asset Management AS now owns 504,474 shares of the semiconductor company’s stock worth $52,594,000 after purchasing an additional 279,398 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Cirrus Logic by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company’s stock valued at $829,724,000 after purchasing an additional 268,560 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake in shares of Cirrus Logic by 390.6% in the 2nd quarter. Acadian Asset Management LLC now owns 308,448 shares of the semiconductor company’s stock valued at $32,144,000 after purchasing an additional 245,578 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Trading Down 0.9%

CRUS opened at $123.28 on Tuesday. Cirrus Logic has a 1-year low of $75.83 and a 1-year high of $136.92. The stock has a market capitalization of $6.29 billion, a PE ratio of 17.51 and a beta of 1.09. The firm has a 50-day moving average price of $120.56 and a two-hundred day moving average price of $117.44.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, November 4th. The semiconductor company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.32 by $0.51. The company had revenue of $560.96 million during the quarter, compared to analysts’ expectations of $540.45 million. Cirrus Logic had a return on equity of 19.59% and a net margin of 19.48%.The business’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period last year, the firm earned $2.25 EPS. On average, research analysts predict that Cirrus Logic will post 5.63 EPS for the current year.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.