Cirrus Logic (NASDAQ:CRUS) Hits New 12-Month High – What’s Next?

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $153.60 and last traded at $152.9380, with a volume of 654916 shares trading hands. The stock had previously closed at $143.31.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Loop Capital downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price objective on the stock. in a research note on Monday, February 2nd. Stifel Nicolaus raised their price objective on Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Benchmark lifted their price objective on Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, February 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Monday, December 29th. Finally, Barclays increased their target price on Cirrus Logic from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cirrus Logic has a consensus rating of “Moderate Buy” and an average target price of $146.86.

Cirrus Logic Trading Up 3.5%

The firm has a market cap of $7.56 billion, a PE ratio of 19.60 and a beta of 1.12. The stock’s 50 day moving average price is $136.12 and its 200 day moving average price is $127.25.

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

Insider Activity

In other Cirrus Logic news, CEO John Forsyth sold 21,806 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total transaction of $2,947,080.90. Following the completion of the sale, the chief executive officer owned 50,723 shares in the company, valued at $6,855,213.45. This trade represents a 30.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Justin E. Dougherty sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $143.16, for a total transaction of $429,480.00. Following the sale, the executive vice president directly owned 5,876 shares of the company’s stock, valued at $841,208.16. The trade was a 33.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 28,045 shares of company stock worth $3,835,300 over the last ninety days. Corporate insiders own 1.16% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CRUS. Thrivent Financial for Lutherans lifted its position in shares of Cirrus Logic by 102.5% in the third quarter. Thrivent Financial for Lutherans now owns 25,341 shares of the semiconductor company’s stock worth $3,175,000 after buying an additional 12,828 shares during the last quarter. Inspire Investing LLC increased its holdings in shares of Cirrus Logic by 186.9% during the 3rd quarter. Inspire Investing LLC now owns 13,241 shares of the semiconductor company’s stock valued at $1,659,000 after acquiring an additional 8,625 shares during the last quarter. CWA Asset Management Group LLC acquired a new position in shares of Cirrus Logic during the 3rd quarter valued at about $2,635,000. Coppell Advisory Solutions LLC bought a new position in shares of Cirrus Logic in the 2nd quarter valued at approximately $2,025,000. Finally, Burney Co. raised its stake in shares of Cirrus Logic by 41.7% in the 3rd quarter. Burney Co. now owns 130,042 shares of the semiconductor company’s stock valued at $16,293,000 after acquiring an additional 38,267 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.

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.