Craig Hallum initiated coverage on shares of Cirrus Logic Inc. (NASDAQ:CRUS) in a research note issued to investors on Monday. The firm issued a hold rating and a $60.00 price objective on the stock.

A number of other brokerages also recently issued reports on CRUS. Pacific Crest reissued an equal weight rating on shares of Cirrus Logic in a report on Friday, July 29th. Zacks Investment Research raised shares of Cirrus Logic from a hold rating to a strong-buy rating and set a $63.00 price target on the stock in a report on Wednesday, November 2nd. Oppenheimer Holdings Inc. reissued an outperform rating and issued a $60.00 price target (up from $50.00) on shares of Cirrus Logic in a report on Sunday, October 30th. Barclays PLC increased their price target on shares of Cirrus Logic from $35.00 to $38.00 and gave the stock an equal weight rating in a report on Thursday, July 28th. Finally, Needham & Company LLC increased their price target on shares of Cirrus Logic from $50.00 to $55.00 and gave the stock a buy rating in a report on Thursday, July 28th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average target price of $54.36.

Cirrus Logic (NASDAQ:CRUS) traded up 0.7995% during midday trading on Monday, reaching $57.6069. 215,171 shares of the company traded hands. The stock’s 50 day moving average is $54.35 and its 200 day moving average is $46.29. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of 25.3999 and a beta of 0.29. Cirrus Logic has a one year low of $25.09 and a one year high of $59.50.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Thursday, October 27th. The company reported $1.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.30. The business had revenue of $428.62 million for the quarter, compared to the consensus estimate of $396.75 million. Cirrus Logic had a net margin of 11.78% and a return on equity of 18.83%. The company’s revenue was up 39.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.65 earnings per share. On average, equities analysts anticipate that Cirrus Logic will post $4.09 earnings per share for the current year.

In related news, Director Alan R. Schuele sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $54.53, for a total value of $545,300.00. Following the completion of the sale, the director now owns 30,609 shares of the company’s stock, valued at $1,669,108.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jason P. Rhode sold 90,156 shares of the firm’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $48.57, for a total value of $4,378,876.92. Following the completion of the sale, the chief executive officer now directly 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.

A number of hedge funds have recently made changes to their positions in CRUS. Sheaff Brock Investment Advisors LLC raised its stake in shares of Cirrus Logic by 1.3% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 8,170 shares of the company’s stock worth $317,000 after buying an additional 105 shares during the last quarter. Boston Advisors LLC raised its stake in shares of Cirrus Logic by 0.7% in the second quarter. Boston Advisors LLC now owns 17,625 shares of the company’s stock worth $684,000 after buying an additional 115 shares during the last quarter. Capital One National Association raised its stake in shares of Cirrus Logic by 1.5% in the third quarter. Capital One National Association now owns 11,885 shares of the company’s stock worth $632,000 after buying an additional 175 shares during the last quarter. PineBridge Investments L.P. raised its stake in shares of Cirrus Logic by 2.3% in the second quarter. PineBridge Investments L.P. now owns 7,892 shares of the company’s stock worth $306,000 after buying an additional 179 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Cirrus Logic by 6.8% in the second quarter. Public Employees Retirement System of Ohio now owns 3,090 shares of the company’s stock worth $120,000 after buying an additional 196 shares during the last quarter. 87.61% of the stock is owned by institutional investors.

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.

5 Day Chart for NASDAQ:CRUS

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