Cirrus Logic (NASDAQ:CRUS) was upgraded by analysts at TheStreet from a “c+” rating to a “b-” rating in a research note issued to investors on Thursday.
A number of other research firms have also recently commented on CRUS. BidaskClub raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Wednesday, August 29th. ValuEngine raised shares of Cirrus Logic from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Zacks Investment Research raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Tuesday, August 7th. Cowen upped their target price on shares of Cirrus Logic from $40.00 to $44.00 and gave the company a “market perform” rating in a research report on Thursday, August 2nd. Finally, Craig Hallum boosted their price target on shares of Cirrus Logic from $43.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Four analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $47.88.
NASDAQ CRUS traded down $1.04 during trading hours on Thursday, reaching $41.37. The company had a trading volume of 636,501 shares, compared to its average volume of 968,220. Cirrus Logic has a 1-year low of $34.49 and a 1-year high of $57.55. The stock has a market capitalization of $2.48 billion, a P/E ratio of 11.21, a PEG ratio of 1.13 and a beta of 0.45.
In other Cirrus Logic news, Director Timothy R. Dehne sold 4,171 shares of the business’s stock in a transaction dated Sunday, August 26th. The shares were sold at an average price of $44.99, for a total transaction of $187,653.29. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.32% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of CRUS. Partner Fund Management L.P. purchased a new stake in Cirrus Logic during the second quarter worth about $28,998,000. JPMorgan Chase & Co. increased its stake in Cirrus Logic by 98.1% during the third quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after purchasing an additional 657,662 shares during the period. BlackRock Inc. increased its stake in Cirrus Logic by 7.8% during the second quarter. BlackRock Inc. now owns 8,486,370 shares of the semiconductor company’s stock worth $325,283,000 after purchasing an additional 610,960 shares during the period. Prudential Financial Inc. increased its stake in Cirrus Logic by 354.3% during the third quarter. Prudential Financial Inc. now owns 388,916 shares of the semiconductor company’s stock worth $15,012,000 after purchasing an additional 303,317 shares during the period. Finally, Letko Brosseau & Associates Inc. increased its stake in shares of Cirrus Logic by 58.9% during the second quarter. Letko Brosseau & Associates Inc. now owns 628,960 shares of the semiconductor company’s stock worth $24,108,000 after buying an additional 233,060 shares during the period. Institutional investors own 89.21% of the company’s stock.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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