Cirrus Logic (NASDAQ:CRUS) Reaches New 1-Year High – Here’s What Happened

Cirrus Logic, Inc. (NASDAQ:CRUS) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $146.88 and last traded at $143.2750, with a volume of 48862 shares changing hands. The stock had previously closed at $142.08.

Analyst Upgrades and Downgrades

CRUS has been the topic of a number of recent research reports. KeyCorp raised their price target on shares of Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Loop Capital downgraded Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price target on the stock. in a research report on Monday, February 2nd. Susquehanna lifted their price objective on Cirrus Logic from $140.00 to $155.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a report on Monday, December 29th. Finally, Stifel Nicolaus increased their price objective on shares of Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $145.43.

Cirrus Logic Trading Up 1.8%

The business has a 50-day moving average of $125.22 and a two-hundred day moving average of $120.95. The firm has a market cap of $7.38 billion, a P/E ratio of 18.95 and a beta of 1.12.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.37 by $0.60. The firm had revenue of $580.62 million during the quarter, compared to the consensus estimate of $531.43 million. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.51 earnings per share. As a group, equities analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Insider Buying and Selling

In other news, CEO John Forsyth sold 21,806 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $135.15, for a total value of $2,947,080.90. Following the sale, the chief executive officer directly owned 50,723 shares of the company’s stock, valued at approximately $6,855,213.45. This represents a 30.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Andrew Brannan sold 8,913 shares of the business’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $119.06, for a total value of $1,061,181.78. Following the completion of the transaction, the executive vice president directly owned 5,950 shares in the company, valued at $708,407. This represents a 59.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Cookson Peirce & Co. Inc. grew its holdings in Cirrus Logic by 22.5% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 2,637 shares of the semiconductor company’s stock worth $312,000 after buying an additional 484 shares in the last quarter. Pinebridge Investments LLC bought a new stake in Cirrus Logic in the 4th quarter worth about $1,392,000. Parallel Advisors LLC increased its stake in Cirrus Logic by 6.2% in the 4th quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock valued at $162,000 after buying an additional 80 shares during the last quarter. Vise Technologies Inc. boosted its stake in shares of Cirrus Logic by 77.7% in the 4th quarter. Vise Technologies Inc. now owns 3,415 shares of the semiconductor company’s stock worth $405,000 after buying an additional 1,493 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its position in shares of Cirrus Logic by 558.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 3,030 shares of the semiconductor company’s stock valued at $359,000 after acquiring an additional 2,570 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

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.