Cirrus Logic (NASDAQ:CRUS) Coverage Initiated at Benchmark

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Benchmark began coverage on shares of Cirrus Logic (NASDAQ:CRUS) in a research report report published on Thursday morning, BenzingaRatingsTable reports. The brokerage issued a buy rating and a $62.00 price objective on the semiconductor company’s stock.

Other research analysts also recently issued reports about the company. Cowen reaffirmed a market perform rating and set a $56.00 price target (up from $48.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Craig Hallum reaffirmed a hold rating and set a $42.00 price target (up from $38.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Needham & Company LLC reaffirmed a hold rating on shares of Cirrus Logic in a report on Monday, August 5th. Bank of America reaffirmed an underperform rating and set a $46.00 price target (up from $40.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Finally, Dougherty & Co reaffirmed a buy rating and set a $62.00 price target (up from $53.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $51.44.

Cirrus Logic stock traded down $0.62 during mid-day trading on Thursday, hitting $55.58. The company had a trading volume of 342,508 shares, compared to its average volume of 694,719. The company has a current ratio of 4.30, a quick ratio of 3.18 and a debt-to-equity ratio of 0.12. The stock’s 50 day moving average price is $53.11 and its two-hundred day moving average price is $45.50. Cirrus Logic has a 12 month low of $31.25 and a 12 month high of $60.00. The company has a market capitalization of $3.26 billion, a PE ratio of 27.11, a price-to-earnings-growth ratio of 1.76 and a beta of 0.90.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, July 31st. The semiconductor company reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.21. The business had revenue of $238.25 million for the quarter, compared to the consensus estimate of $221.08 million. Cirrus Logic had a return on equity of 10.96% and a net margin of 8.46%. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.28 earnings per share. Equities research analysts anticipate that Cirrus Logic will post 2.08 EPS for the current year.

In related news, Director Timothy R. Dehne sold 4,583 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $53.15, for a total transaction of $243,586.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thurman K. Case sold 5,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.34, for a total value of $261,700.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 166,248 shares of company stock worth $8,651,159. Corporate insiders own 2.79% of the company’s stock.

A number of institutional investors have recently bought and sold shares of CRUS. BlackRock Inc. increased its position in Cirrus Logic by 9.0% during the second quarter. BlackRock Inc. now owns 8,631,614 shares of the semiconductor company’s stock valued at $377,200,000 after acquiring an additional 714,210 shares during the last quarter. APG Asset Management N.V. increased its position in Cirrus Logic by 1,125.8% during the second quarter. APG Asset Management N.V. now owns 726,900 shares of the semiconductor company’s stock valued at $27,894,000 after acquiring an additional 667,600 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in Cirrus Logic during the second quarter valued at $12,911,000. Royce & Associates LP increased its position in Cirrus Logic by 48.0% during the first quarter. Royce & Associates LP now owns 694,702 shares of the semiconductor company’s stock valued at $29,226,000 after acquiring an additional 225,172 shares during the last quarter. Finally, Man Group plc increased its position in Cirrus Logic by 36.1% during the second quarter. Man Group plc now owns 714,412 shares of the semiconductor company’s stock valued at $31,220,000 after acquiring an additional 189,481 shares during the last quarter. Institutional investors own 86.17% 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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Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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