Cirrus Logic (NASDAQ:CRUS) Stock Price Target Cut by Susquehanna

Cirrus Logic (NASDAQ:CRUS) had its price target lowered by research analysts at Susquehanna from $200.00 to $170.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “positive” rating on the semiconductor company’s stock. Susquehanna’s price objective points to a potential upside of 53.42% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Barclays cut shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $130.00 to $95.00 in a research note on Tuesday. Zacks Research downgraded Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Wall Street Zen lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Sunday. Weiss Ratings upgraded Cirrus Logic from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday. Finally, KeyCorp cut Cirrus Logic from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 15th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $147.86.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS opened at $110.81 on Wednesday. The company has a market cap of $5.55 billion, a PE ratio of 13.56 and a beta of 1.17. Cirrus Logic has a 12 month low of $105.10 and a 12 month high of $180.42. The company has a 50-day simple moving average of $115.20 and a 200-day simple moving average of $141.05.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. The business had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The company’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.51 earnings per share. On average, analysts anticipate that Cirrus Logic will post 7.20 EPS for the current year.

Insider Activity at Cirrus Logic

In other news, EVP Jeffrey Baumgartner sold 1,166 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $119.00, for a total transaction of $138,754.00. Following the completion of the transaction, the executive vice president owned 12,907 shares of the company’s stock, valued at $1,535,933. This represents a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CRUS. BlackRock Inc. purchased a new stake in Cirrus Logic in the second quarter valued at approximately $840,638,000. Dimensional Fund Advisors LP raised its stake in Cirrus Logic by 6.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock worth $192,055,000 after purchasing an additional 83,897 shares during the period. Bank of America Corp DE purchased a new position in Cirrus Logic during the second quarter worth approximately $168,329,000. Quantinno Capital Management LP raised its stake in Cirrus Logic by 21.1% during the first quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company’s stock worth $136,262,000 after purchasing an additional 163,979 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of Cirrus Logic by 34.3% in the 1st quarter. First Trust Advisors LP now owns 473,721 shares of the semiconductor company’s stock valued at $68,509,000 after purchasing an additional 120,935 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Company Profile

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.