Cirrus Logic, Inc. (NASDAQ:CRUS) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) have earned an average rating of “Moderate Buy” from the nine ratings firms that are covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $161.7143.

A number of analysts have recently weighed in on CRUS shares. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research report on Thursday, May 7th. KeyCorp raised their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Friday, March 27th.

Cirrus Logic Stock Up 3.1%

CRUS opened at $165.29 on Friday. The firm has a market capitalization of $8.34 billion, a P/E ratio of 21.08 and a beta of 1.15. The firm’s 50 day moving average is $166.48 and its 200-day moving average is $144.05. Cirrus Logic has a 52-week low of $92.02 and a 52-week high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The company had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.67 earnings per share. Equities analysts expect that Cirrus Logic will post 8.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Scott Thomas sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total transaction of $234,052.00. Following the completion of the sale, the executive vice president owned 31,048 shares of the company’s stock, valued at approximately $5,589,881.92. This trade represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $168.54, for a total transaction of $658,485.78. Following the sale, the executive vice president directly owned 17,575 shares of the company’s stock, valued at $2,962,090.50. The trade was a 18.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 23,149 shares of company stock valued at $3,828,401. Corporate insiders own 1.20% of the company’s stock.

Institutional Trading of Cirrus Logic

Hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC boosted its holdings in Cirrus Logic by 16.3% in the first quarter. Parallel Advisors LLC now owns 1,591 shares of the semiconductor company’s stock worth $230,000 after purchasing an additional 223 shares during the period. Leigh Baldwin & CO. LLC acquired a new position in Cirrus Logic in the first quarter worth $223,000. Cim Investment Management Inc. boosted its holdings in Cirrus Logic by 35.0% in the first quarter. Cim Investment Management Inc. now owns 3,689 shares of the semiconductor company’s stock worth $534,000 after purchasing an additional 957 shares during the period. Amundi boosted its holdings in Cirrus Logic by 42.0% in the first quarter. Amundi now owns 120,738 shares of the semiconductor company’s stock worth $17,461,000 after purchasing an additional 35,693 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in Cirrus Logic by 19.2% in the first quarter. EverSource Wealth Advisors LLC now owns 1,443 shares of the semiconductor company’s stock worth $209,000 after purchasing an additional 232 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

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.