Benchmark Upgrades Cirrus Logic (NASDAQ:CRUS) to “Buy”

Cirrus Logic (NASDAQ:CRUS) was upgraded by equities research analysts at Benchmark from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Marketbeat reports. The firm currently has a $125.00 target price on the semiconductor company’s stock. Benchmark’s target price would suggest a potential upside of 19.72% from the company’s current price.

CRUS has been the subject of several other reports. Susquehanna increased their price target on shares of Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a report on Monday, November 18th. Loop Capital assumed coverage on Cirrus Logic in a research note on Tuesday, November 12th. They set a “buy” rating and a $130.00 target price for the company. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus cut their price objective on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, Barclays boosted their target price on shares of Cirrus Logic from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $132.86.

Cirrus Logic Price Performance

CRUS stock opened at $104.41 on Wednesday. Cirrus Logic has a 12 month low of $81.30 and a 12 month high of $147.46. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 17.70 and a beta of 0.91. The company has a fifty day moving average price of $102.49 and a 200 day moving average price of $116.08.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. As a group, analysts anticipate that Cirrus Logic will post 5.21 earnings per share for the current year.

Insider Activity

In other news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $100.00, for a total value of $205,100.00. Following the sale, the executive vice president now directly owns 8,330 shares in the company, valued at $833,000. This represents a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.02% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

Institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Cirrus Logic by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company’s stock worth $89,527,000 after acquiring an additional 129,457 shares during the last quarter. Geode Capital Management LLC raised its stake in Cirrus Logic by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company’s stock valued at $141,414,000 after purchasing an additional 50,582 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Cirrus Logic by 30.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company’s stock valued at $36,811,000 after purchasing an additional 69,006 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cirrus Logic by 52.1% during the 2nd 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 last quarter. Finally, Sheaff Brock Investment Advisors LLC purchased a new stake in shares of Cirrus Logic during the third quarter worth about $1,752,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.

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.