KeyCorp Cuts Cirrus Logic (NASDAQ:CRUS) Price Target to $170.00

Cirrus Logic (NASDAQ:CRUS) had its target price lowered by stock analysts at KeyCorp from $190.00 to $170.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price target suggests a potential upside of 33.86% from the company’s previous close.

Several other research firms have also recently weighed in on CRUS. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Barclays cut their target price on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Thursday. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Stifel Nicolaus set a $160.00 price target on shares of Cirrus Logic and gave the stock a “buy” rating in a report on Thursday. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $150.71.

Cirrus Logic Stock Down 1.9%

Shares of NASDAQ CRUS traded down $2.42 during midday trading on Thursday, reaching $127.00. 255,353 shares of the company were exchanged, compared to its average volume of 637,453. The stock’s 50-day moving average price is $150.60 and its 200-day moving average price is $149.16. The stock has a market cap of $6.41 billion, a P/E ratio of 16.21 and a beta of 1.18. Cirrus Logic has a one year low of $98.67 and a one year high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The company had revenue of $459.72 million during the quarter, compared to analysts’ expectations of $460.32 million. During the same period in the prior year, the company earned $1.51 EPS. Cirrus Logic’s revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts anticipate that Cirrus Logic will post 7.86 EPS for the current year.

Insider Activity

In related news, EVP Andrew Brannan sold 6,464 shares of the company’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the sale, the executive vice president owned 7,203 shares in the company, valued at $1,042,346.13. This represents a 47.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Scott Thomas sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value of $234,052.00. Following the sale, the executive vice president directly owned 31,048 shares of the company’s stock, valued at $5,589,881.92. This represents a 4.02% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 23,465 shares of company stock worth $3,743,219. 1.20% of the stock is owned by insiders.

Institutional Trading of Cirrus Logic

Several large investors have recently modified their holdings of the stock. Mach 1 Financial Group LLC bought a new position in shares of Cirrus Logic during the 4th quarter worth about $736,000. LSV Asset Management raised its stake in Cirrus Logic by 1.0% during the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock worth $279,215,000 after buying an additional 23,703 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in Cirrus Logic by 9.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company’s stock valued at $15,391,000 after acquiring an additional 11,607 shares during the period. Lecap Asset Management Ltd. acquired a new stake in Cirrus Logic in the fourth quarter valued at approximately $888,000. Finally, Arbejdsmarkedets Tillaegspension bought a new stake in shares of Cirrus Logic during the fourth quarter valued at approximately $21,988,000. Institutional investors and hedge funds 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.