Cirrus Logic, Inc. (NASDAQ:CRUS) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) have been given a consensus recommendation of “Moderate Buy” by the nine ratings firms that are currently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $161.7143.

A number of analysts have recently weighed in on CRUS shares. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. KeyCorp boosted their price target on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research report on Thursday, May 7th.

Cirrus Logic Stock Down 2.6%

Shares of CRUS opened at $146.51 on Tuesday. The stock has a market capitalization of $7.39 billion, a P/E ratio of 18.69 and a beta of 1.17. The firm has a fifty day simple moving average of $161.96 and a two-hundred day simple moving average of $147.52. Cirrus Logic has a twelve month low of $92.02 and a twelve month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.25 million. During the same quarter last year, the firm earned $1.67 EPS. The company’s revenue was up 5.7% on a year-over-year basis. Sell-side analysts expect that Cirrus Logic will post 8.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total value of $159,000.00. Following the sale, the director owned 20,531 shares in the company, valued at $3,264,429. The trade was a 4.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Thomas sold 1,300 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total transaction of $234,052.00. Following the transaction, the executive vice president directly owned 31,048 shares in the company, valued at approximately $5,589,881.92. The trade was a 4.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 22,299 shares of company stock valued at $3,581,647 over the last three months. Insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its holdings in Cirrus Logic by 92.3% in the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock worth $7,189,000 after buying an additional 34,629 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Cirrus Logic by 24.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after acquiring an additional 263 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Cirrus Logic by 4.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock worth $21,372,000 after acquiring an additional 9,658 shares during the period. Focus Partners Wealth bought a new position in shares of Cirrus Logic in the 1st quarter worth approximately $361,000. Finally, Geneos Wealth Management Inc. raised its position in shares of Cirrus Logic by 95.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after acquiring an additional 232 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

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.