Zacks Investment Research upgraded shares of Cirrus Logic, Inc. (NASDAQ:CRUS) from a hold rating to a buy rating in a research note issued to investors on Tuesday, October 3rd. The firm currently has $62.00 price target on the semiconductor company’s stock.
According to Zacks, “Cirrus Logic is a premier supplier of high-performance analog circuits and advanced mixed-signal chip solutions. Continued investments in the audio segment have helped the company to come up with innovative products from time to time. This aids it in attracting new customers and brings in additional revenues. Additionally, expansion in the LED market continues to drive growth. Cirrus Logic generates a significant portion of revenues from Apple. This means that there is always an inherent risk of losing an Apple design contract, which will significantly hurt the company’s financials. Moreover, the company faces competition from the likes of Texas Instruments and STMicroelectronics, which also remains a concern.”
CRUS has been the subject of several other research reports. BidaskClub downgraded shares of Cirrus Logic from a strong-buy rating to a buy rating in a report on Wednesday, August 2nd. Craig Hallum reaffirmed a hold rating on shares of Cirrus Logic in a report on Wednesday, September 13th. Stifel Nicolaus reiterated a buy rating and issued a $75.00 price target on shares of Cirrus Logic in a research note on Thursday, August 3rd. Pacific Crest reiterated an overweight rating and issued a $75.00 price target on shares of Cirrus Logic in a research note 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 target on the stock. in a research note on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $67.69.
Cirrus Logic (CRUS) traded down 0.15% during midday trading on Tuesday, hitting $54.48. The stock had a trading volume of 447,662 shares. The company’s 50 day moving average price is $55.38 and its 200-day moving average price is $61.09. Cirrus Logic has a 52 week low of $49.05 and a 52 week high of $71.97. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of 12.74 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The firm had revenue of $320.70 million during the quarter, compared to the consensus estimate of $320.32 million. During the same quarter in the previous year, the firm posted $0.44 EPS. The company’s revenue for the quarter was up 23.6% compared to the same quarter last year. Equities analysts anticipate that Cirrus Logic will post $4.74 earnings per share for the current fiscal year.
In other Cirrus Logic news, Director William D. Sherman sold 1,378 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $61.84, for a total value of $85,215.52. Following the completion of the transaction, the director now owns 7,307 shares of the company’s stock, valued at $451,864.88. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Bradley J. Fluke sold 7,325 shares of the firm’s stock in a transaction 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 directly owns 12,000 shares of the company’s stock, valued at approximately $641,280. The disclosure for this sale can be found here. Insiders have sold 104,666 shares of company stock valued at $5,914,243 in the last three months. 1.92% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Fortaleza Asset Management Inc. purchased a new position in shares of Cirrus Logic during the second quarter worth $102,000. ETRADE Capital Management LLC purchased a new position in shares of Cirrus Logic during the second quarter worth $201,000. Private Advisor Group LLC purchased a new position in shares of Cirrus Logic during the second quarter worth $215,000. Turner Investments LLC purchased a new position in shares of Cirrus Logic during the second quarter worth $220,000. Finally, Soros Fund Management LLC purchased a new position in shares of Cirrus Logic during the first quarter worth $225,000. 89.09% of the stock is owned by hedge funds and other institutional investors.
Cirrus Logic Company Profile
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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