Needham & Company LLC Reaffirms “Buy” Rating for Cirrus Logic, Inc. (CRUS)
Needham & Company LLC restated their buy rating on shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in a research note issued to investors on Friday. They currently have a $80.00 price target on the semiconductor company’s stock.
Several other research firms have also commented on CRUS. Bank of America Corporation started coverage on Cirrus Logic in a report on Monday, September 18th. They set an underperform rating and a $50.00 price target on the stock. ValuEngine lowered Cirrus Logic from a buy rating to a hold rating in a report on Monday, September 18th. Barclays PLC lowered Cirrus Logic from an equal weight rating to an underweight rating and set a $55.00 price target on the stock. in a report on Tuesday, July 18th. Craig Hallum reiterated a hold rating and set a $54.00 price target (down previously from $63.00) on shares of Cirrus Logic in a report on Friday. Finally, Vetr upgraded Cirrus Logic from a buy rating to a strong-buy rating and set a $66.67 price target on the stock in a report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Cirrus Logic has a consensus rating of Buy and an average target price of $67.05.
Shares of Cirrus Logic (NASDAQ CRUS) opened at $57.64 on Friday. Cirrus Logic has a one year low of $49.05 and a one year high of $71.97. The stock has a market cap of $3,670.00, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 1.03 and a beta of 0.05.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.16. Cirrus Logic had a net margin of 17.11% and a return on equity of 25.37%. The company had revenue of $425.50 million for the quarter, compared to analysts’ expectations of $410.32 million. During the same quarter in the previous year, the company posted $1.35 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. research analysts predict that Cirrus Logic will post 4.25 earnings per share for the current year.
In other Cirrus Logic news, Director Christine King sold 5,000 shares of the business’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $54.51, for a total transaction of $272,550.00. Following the sale, the director now directly owns 16,182 shares in the company, valued at $882,080.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Andrew Brannan sold 21,504 shares of the business’s stock in a transaction dated 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 sale, the vice president now owns 21,504 shares in the company, valued at $1,184,870.40. The disclosure for this sale can be found here. Insiders have sold 44,367 shares of company stock worth $2,447,455 over the last quarter. Insiders own 1.92% of the company’s stock.
Large investors have recently modified their holdings of the business. Fortaleza Asset Management Inc. purchased a new stake in Cirrus Logic during the second quarter worth about $102,000. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Cirrus Logic by 72.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock worth $138,000 after buying an additional 1,086 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of Cirrus Logic by 96.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock worth $157,000 after buying an additional 1,372 shares in the last quarter. ETRADE Capital Management LLC acquired a new position in shares of Cirrus Logic during the second quarter worth about $201,000. Finally, Private Advisor Group LLC acquired a new position in shares of Cirrus Logic during the second quarter worth about $215,000. Institutional investors own 89.67% 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.
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