Cirrus Logic, Inc. (CRUS) Lifted to Buy at ValuEngine
ValuEngine upgraded shares of Cirrus Logic, Inc. (NASDAQ:CRUS) from a hold rating to a buy rating in a research note released on Monday morning.
CRUS has been the subject of several other reports. Stifel Nicolaus reaffirmed a buy rating on shares of Cirrus Logic in a research report on Wednesday, September 13th. BidaskClub cut Cirrus Logic from a strong-buy rating to a buy rating in a research report on Wednesday, August 2nd. Craig Hallum reaffirmed a hold rating on shares of Cirrus Logic in a research report on Wednesday, September 13th. Zacks Investment Research raised Cirrus Logic from a hold rating to a buy rating and set a $64.00 price target for the company in a research report on Monday, August 7th. Finally, KeyCorp reissued an overweight rating on shares of Cirrus Logic in a research report on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $67.69.
Cirrus Logic (NASDAQ:CRUS) traded down 1.04% during midday trading on Monday, hitting $54.20. The stock had a trading volume of 230,821 shares. The stock has a 50-day moving average of $55.50 and a 200-day moving average of $61.36. Cirrus Logic has a 52 week low of $49.05 and a 52 week high of $71.97. The firm has a market cap of $3.46 billion, a P/E ratio of 12.68 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.15. The company 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%. Cirrus Logic’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.44 earnings per share. Analysts forecast that Cirrus Logic will post $4.74 EPS for the current fiscal year.
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In other news, VP Bradley J. Fluke sold 7,325 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $53.44, for a total transaction of $391,448.00. Following the transaction, the vice president now owns 12,000 shares in the company, valued at $641,280. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 owns 27,265 shares in the company, valued at approximately $1,556,831.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 104,666 shares of company stock worth $5,914,243. 1.92% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Fortaleza Asset Management Inc. bought a new position in shares of Cirrus Logic during the second quarter worth approximately $102,000. ETRADE Capital Management LLC bought a new position in shares of Cirrus Logic during the second quarter worth approximately $201,000. Private Advisor Group LLC bought a new position in shares of Cirrus Logic during the second quarter worth approximately $215,000. Turner Investments LLC bought a new position in shares of Cirrus Logic during the second quarter worth approximately $220,000. Finally, Soros Fund Management LLC bought a new position in shares of Cirrus Logic during the first quarter worth approximately $225,000. Institutional investors own 89.08% of the company’s stock.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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