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

StockNews.com upgraded shares of Cirrus Logic (NASDAQ:CRUSFree Report) from a buy rating to a strong-buy rating in a research note published on Tuesday morning.

Other equities research analysts have also issued research reports about the stock. TD Cowen upped their target price on shares of Cirrus Logic from $100.00 to $115.00 and gave the stock a buy rating in a report on Wednesday, May 8th. Susquehanna upped their target price on shares of Cirrus Logic from $100.00 to $120.00 and gave the stock a positive rating in a report on Wednesday, May 8th. Barclays upped their target price on shares of Cirrus Logic from $95.00 to $110.00 and gave the stock an overweight rating in a report on Wednesday, May 8th. Stifel Nicolaus increased their price objective on shares of Cirrus Logic from $100.00 to $110.00 and gave the stock a buy rating in a report on Wednesday, May 8th. Finally, KeyCorp increased their price objective on shares of Cirrus Logic from $100.00 to $120.00 and gave the stock an overweight rating in a report on Wednesday, May 8th. 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’s stock. According to data from MarketBeat, Cirrus Logic currently has an average rating of Buy and an average target price of $107.86.

View Our Latest Stock Analysis on Cirrus Logic

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $124.04 on Tuesday. Cirrus Logic has a 52-week low of $65.02 and a 52-week high of $125.19. The stock has a market cap of $6.63 billion, a price-to-earnings ratio of 25.16 and a beta of 0.97. The firm has a fifty day moving average of $101.31 and a 200-day moving average of $90.74.

Cirrus Logic (NASDAQ:CRUSGet Free Report) last posted its earnings results on Tuesday, May 7th. The semiconductor company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.48. Cirrus Logic had a net margin of 15.35% and a return on equity of 16.49%. The business had revenue of $371.83 million for the quarter, compared to analyst estimates of $320.14 million. On average, sell-side analysts predict that Cirrus Logic will post 4.73 earnings per share for the current year.

Insider Activity

In other news, SVP Justin E. Dougherty sold 4,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $107.85, for a total value of $431,400.00. Following the transaction, the senior vice president now owns 5,838 shares of the company’s stock, valued at approximately $629,628.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Justin E. Dougherty sold 4,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $107.85, for a total value of $431,400.00. Following the transaction, the senior vice president now owns 5,838 shares of the company’s stock, valued at approximately $629,628.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $115.85, for a total transaction of $115,850.00. Following the completion of the transaction, the director now directly owns 19,332 shares in the company, valued at approximately $2,239,612.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,706 shares of company stock valued at $2,187,098. 1.02% of the stock is currently owned by insiders.

Institutional Trading of Cirrus Logic

A number of hedge funds have recently modified their holdings of the company. DekaBank Deutsche Girozentrale raised its position in shares of Cirrus Logic by 139.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,994 shares of the semiconductor company’s stock valued at $182,000 after acquiring an additional 1,162 shares during the period. Burney Co. raised its position in shares of Cirrus Logic by 7.3% in the 1st quarter. Burney Co. now owns 33,315 shares of the semiconductor company’s stock valued at $3,084,000 after acquiring an additional 2,253 shares during the period. EMC Capital Management raised its position in shares of Cirrus Logic by 73.3% in the 1st quarter. EMC Capital Management now owns 3,688 shares of the semiconductor company’s stock valued at $341,000 after acquiring an additional 1,560 shares during the period. Comerica Bank raised its position in shares of Cirrus Logic by 52.7% in the 1st quarter. Comerica Bank now owns 35,067 shares of the semiconductor company’s stock valued at $3,246,000 after acquiring an additional 12,101 shares during the period. Finally, Tidal Investments LLC acquired a new stake in shares of Cirrus Logic in the 1st quarter valued at approximately $219,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

About Cirrus Logic

(Get Free Report)

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.

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