Cirrus Logic, Inc. (CRUS) Earns Overweight Rating from KeyCorp
CRUS has been the topic of a number of other reports. BidaskClub downgraded shares of Cirrus Logic from a strong-buy rating to a buy rating in a research report on Wednesday, August 2nd. Stifel Nicolaus reaffirmed a buy rating and issued a $75.00 price objective on shares of Cirrus Logic in a report on Thursday, August 3rd. Zacks Investment Research raised shares of Cirrus Logic from a hold rating to a buy rating and set a $64.00 price objective on the stock in a report on Monday, August 7th. Pacific Crest reaffirmed an overweight rating and issued a $75.00 price objective on shares of Cirrus Logic in a report on Wednesday, June 21st. Finally, Barclays PLC cut shares of Cirrus Logic from an equal weight rating to an underweight rating and set a $55.00 price objective on the stock. in a report on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Cirrus Logic has an average rating of Buy and a consensus price target of $68.59.
Cirrus Logic (CRUS) opened at 57.85 on Thursday. The firm has a market capitalization of $3.69 billion and a price-to-earnings ratio of 13.53. The firm has a 50-day moving average of $57.19 and a 200-day moving average of $61.40. Cirrus Logic has a 1-year low of $49.05 and a 1-year high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The company had revenue of $320.70 million for the quarter, compared to the consensus estimate of $320.32 million. During the same period last year, the firm posted $0.44 EPS. The company’s revenue for the quarter was up 23.6% on a year-over-year basis. On average, analysts expect that Cirrus Logic will post $4.74 earnings per share for the current year.
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In other Cirrus Logic news, Director William D. Sherman sold 1,378 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $61.84, for a total transaction of $85,215.52. Following the transaction, the director now owns 7,307 shares of the company’s stock, valued at approximately $451,864.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Andrew Brannan sold 21,504 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $55.10, for a total transaction of $1,184,870.40. Following the transaction, the vice president now directly owns 21,504 shares in the company, valued at approximately $1,184,870.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 92,313 shares of company stock worth $5,235,918. 1.92% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Fortaleza Asset Management Inc. acquired a new position in Cirrus Logic during the 2nd quarter valued at about $102,000. Mckinley Capital Management LLC Delaware acquired a new position in Cirrus Logic during the 1st quarter valued at about $174,000. ETRADE Capital Management LLC acquired a new position in Cirrus Logic during the 2nd quarter valued at about $201,000. Private Advisor Group LLC acquired a new position in Cirrus Logic during the 2nd quarter valued at about $215,000. Finally, Turner Investments LLC acquired a new position in Cirrus Logic during the 2nd quarter valued at about $220,000. 89.08% of the stock is currently owned by hedge funds and other institutional investors.
About Cirrus Logic
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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