KeyCorp Issues Positive Forecast for Cirrus Logic (NASDAQ:CRUS) Stock Price

Cirrus Logic (NASDAQ:CRUS) had its target price raised by equities research analysts at KeyCorp from $150.00 to $175.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s target price indicates a potential upside of 18.94% from the stock’s previous close.

Several other research analysts have also recently weighed in on the company. Stifel Nicolaus increased their price objective on Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Loop Capital cut shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 target price for the company. in a research report on Monday, February 2nd. Barclays upped their price target on shares of Cirrus Logic from $110.00 to $120.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. Finally, Benchmark boosted their price objective on shares of Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Cirrus Logic presently has an average rating of “Moderate Buy” and a consensus price target of $150.43.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS opened at $147.13 on Monday. Cirrus Logic has a 12-month low of $75.83 and a 12-month high of $154.90. The business has a 50 day moving average of $138.75 and a 200-day moving average of $128.73. The stock has a market cap of $7.51 billion, a PE ratio of 19.38 and a beta of 1.08.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share for the quarter, topping analysts’ consensus estimates of $2.37 by $0.60. The company had revenue of $580.62 million for the quarter, compared to analyst estimates of $531.43 million. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.51 earnings per share. Equities research analysts expect that Cirrus Logic will post 5.63 earnings per share for the current year.

Insider Activity

In related news, EVP Justin E. Dougherty sold 3,000 shares of the business’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $143.16, for a total value of $429,480.00. Following the completion of the transaction, the executive vice president owned 5,876 shares of the company’s stock, valued at $841,208.16. The trade was a 33.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO John Forsyth sold 21,806 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $135.15, for a total value of $2,947,080.90. Following the completion of the transaction, the chief executive officer directly owned 50,723 shares of the company’s stock, valued at approximately $6,855,213.45. This trade represents a 30.07% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 28,045 shares of company stock worth $3,835,300. 1.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 220 shares during the period. Kohmann Bosshard Financial Services LLC bought a new position in Cirrus Logic in the fourth quarter valued at approximately $33,000. Torren Management LLC acquired a new position in Cirrus Logic during the fourth quarter valued at approximately $35,000. Kestra Advisory Services LLC acquired a new position in Cirrus Logic during the fourth quarter valued at approximately $36,000. Finally, Abich Financial Wealth Management LLC bought a new stake in Cirrus Logic during the third quarter worth $46,000. 87.96% of the stock is owned by institutional investors.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.