Cirrus Logic Inc. (CRUS) Price Target Raised to $62.00 at Stifel Nicolaus
Cirrus Logic Inc. (NASDAQ:CRUS) had its price objective hoisted by Stifel Nicolaus from $58.00 to $62.00 in a research report report published on Thursday morning. They currently have a buy rating on the stock.
A number of other equities research analysts have also issued reports on the stock. Barclays PLC boosted their price target on shares of Cirrus Logic from $35.00 to $38.00 and gave the company an equal weight rating in a report on Thursday, July 28th. Canaccord Genuity started coverage on shares of Cirrus Logic in a report on Tuesday, June 21st. They set a buy rating and a $52.00 price target on the stock. Pacific Crest restated a hold rating on shares of Cirrus Logic in a report on Tuesday, August 16th. Needham & Company LLC reiterated a buy rating and issued a $55.00 price objective on shares of Cirrus Logic in a research note on Thursday, August 4th. Finally, Oppenheimer Holdings Inc. reiterated an outperform rating and issued a $45.00 price objective on shares of Cirrus Logic in a research note on Wednesday, July 27th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $49.50.
Cirrus Logic (NASDAQ:CRUS) traded down 0.179% during trading on Thursday, hitting $53.075. 180,132 shares of the company traded hands. The firm has a market cap of $3.32 billion, a P/E ratio of 32.945 and a beta of 0.41. The firm has a 50 day moving average of $52.57 and a 200 day moving average of $42.54. Cirrus Logic has a one year low of $25.09 and a one year high of $58.08.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, July 27th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.28 by $0.16. Cirrus Logic had a net margin of 9.26% and a return on equity of 14.44%. The business earned $259.40 million during the quarter, compared to analyst estimates of $236.67 million. During the same period in the prior year, the business earned $0.54 earnings per share. The business’s quarterly revenue was down 8.2% on a year-over-year basis. On average, analysts expect that Cirrus Logic will post $3.28 earnings per share for the current fiscal year.
In other news, Director William D. Sherman sold 1,200 shares of the stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $50.85, for a total value of $61,020.00. Following the completion of the transaction, the director now owns 12,257 shares in the company, valued at approximately $623,268.45. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jason P. Rhode sold 90,156 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $48.57, for a total transaction of $4,378,876.92. Following the completion of the transaction, the chief executive officer now owns 179,680 shares of the company’s stock, valued at approximately $8,727,057.60. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in CRUS. Springbok Capital Management LLC acquired a new position in shares of Cirrus Logic during the first quarter worth about $1,185,000. Bayesian Capital Management LP acquired a new position in shares of Cirrus Logic during the first quarter worth about $204,000. Wellington Management Group LLP acquired a new position in shares of Cirrus Logic during the first quarter worth about $16,028,000. Geode Capital Management LLC boosted its position in shares of Cirrus Logic by 0.9% in the first quarter. Geode Capital Management LLC now owns 572,093 shares of the company’s stock worth $20,829,000 after buying an additional 5,260 shares in the last quarter. Finally, Nicholas Investment Partners LP acquired a new position in shares of Cirrus Logic during the first quarter worth about $1,247,000. Institutional investors own 89.23% of the company’s stock.
Cirrus Logic Company Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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