Cirrus Logic (NASDAQ:CRUS) Rating Increased to Strong-Buy at StockNews.com

Cirrus Logic (NASDAQ:CRUS) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Tuesday.

A number of other research analysts have also commented on CRUS. Stifel Nicolaus upped their target price on Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. KeyCorp raised their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Susquehanna upped their target price on shares of Cirrus Logic from $120.00 to $175.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. Finally, Barclays lifted their price objective on Cirrus Logic from $110.00 to $140.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $143.33.

Cirrus Logic Stock Down 4.2 %

Shares of CRUS stock traded down $5.19 during trading hours on Tuesday, reaching $119.02. 647,848 shares of the company’s stock were exchanged, compared to its average volume of 482,752. The business has a fifty day moving average price of $131.56 and a 200-day moving average price of $117.06. The stock has a market capitalization of $6.36 billion, a P/E ratio of 24.14 and a beta of 0.97. Cirrus Logic has a fifty-two week low of $65.02 and a fifty-two week high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.50. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The company had revenue of $374.03 million for the quarter, compared to analyst estimates of $318.41 million. During the same period last year, the business posted $0.35 EPS. The business’s quarterly revenue was up 18.0% on a year-over-year basis. As a group, research analysts expect that Cirrus Logic will post 5.26 EPS for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other news, SVP Justin E. Dougherty sold 10,203 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the completion of the sale, the senior vice president now directly owns 4,838 shares in the company, valued at $637,212.98. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the completion of the sale, the vice president now directly owns 4,004 shares of the company’s stock, valued at approximately $544,704.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Justin E. Dougherty sold 10,203 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $131.71, for a total value of $1,343,837.13. Following the transaction, the senior vice president now directly owns 4,838 shares in the company, valued at approximately $637,212.98. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.

Institutional Trading of Cirrus Logic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cirrus Logic in the second quarter valued at approximately $191,000. Sanctuary Advisors LLC acquired a new position in shares of Cirrus Logic in the 2nd quarter valued at $1,009,000. Teachers Retirement System of The State of Kentucky boosted its position in shares of Cirrus Logic by 14.3% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 38,386 shares of the semiconductor company’s stock worth $4,901,000 after purchasing an additional 4,817 shares during the last quarter. Aristides Capital LLC bought a new position in shares of Cirrus Logic in the 2nd quarter worth $215,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Cirrus Logic by 52.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company’s stock worth $123,000 after purchasing an additional 329 shares during the period. 87.96% of the stock is owned by institutional investors.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.