Cirrus Logic, Inc. (CRUS) Rating Reiterated by Craig Hallum
A number of other analysts have also recently issued reports on the company. Barclays PLC cut Cirrus Logic from an equal weight rating to an underweight rating and set a $55.00 target price for the company. in a research report on Tuesday, July 18th. Vetr raised Cirrus Logic from a buy rating to a strong-buy rating and set a $66.67 target price for the company in a research report on Thursday, August 3rd. Needham & Company LLC reissued a buy rating and issued a $80.00 target price (up from $70.00) on shares of Cirrus Logic in a research report on Thursday, June 1st. Pacific Crest reissued an overweight rating and issued a $75.00 target price on shares of Cirrus Logic in a research report on Wednesday, June 21st. Finally, BidaskClub cut Cirrus Logic from a strong-buy rating to a buy rating in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $68.59.
Cirrus Logic (CRUS) opened at 57.85 on Wednesday. The stock has a 50 day moving average price of $57.19 and a 200 day moving average price of $61.40. Cirrus Logic has a 52 week low of $49.05 and a 52 week high of $71.97. The stock has a market capitalization of $3.69 billion and a PE ratio of 13.53.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.15. The firm had revenue of $320.70 million during the quarter, compared to analysts’ expectations of $320.32 million. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The business’s revenue was up 23.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. Equities analysts forecast that Cirrus Logic will post $4.74 EPS for the current year.
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In other news, VP Andrew Brannan sold 21,504 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $55.10, for a total transaction of $1,184,870.40. Following the completion of the transaction, the vice president now directly owns 21,504 shares of the company’s stock, valued at approximately $1,184,870.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Randolph K. Carlson sold 53,332 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $57.10, for a total value of $3,045,257.20. Following the transaction, the vice president now directly owns 27,265 shares of the company’s stock, valued at $1,556,831.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 92,313 shares of company stock valued at $5,235,918. 1.92% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Evanston Investments Inc. dba Evanston Advisors purchased a new position in shares of Cirrus Logic during the 2nd quarter worth approximately $1,254,000. Soros Fund Management LLC purchased a new position in shares of Cirrus Logic during the 1st quarter worth approximately $225,000. State of Tennessee Treasury Department raised its stake in shares of Cirrus Logic by 135.2% during the 2nd quarter. State of Tennessee Treasury Department now owns 211,710 shares of the semiconductor company’s stock worth $13,278,000 after buying an additional 121,710 shares in the last quarter. Capital One National Association raised its stake in shares of Cirrus Logic by 8.0% during the 2nd quarter. Capital One National Association now owns 39,549 shares of the semiconductor company’s stock worth $2,481,000 after buying an additional 2,938 shares in the last quarter. Finally, James Investment Research Inc. purchased a new position in shares of Cirrus Logic during the 2nd quarter worth approximately $1,342,000. 89.15% of the stock is owned by institutional investors and hedge funds.
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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