Cirrus Logic (NASDAQ:CRUS) Price Target Raised to $155.00 at KeyCorp

Cirrus Logic (NASDAQ:CRUS) had its price objective increased by KeyCorp from $120.00 to $155.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

Several other research firms also recently commented on CRUS. TD Cowen increased their price objective on Cirrus Logic from $100.00 to $115.00 and gave the company a buy rating in a research note on Wednesday, May 8th. Susquehanna increased their price objective on Cirrus Logic from $100.00 to $120.00 and gave the company a positive rating in a research note on Wednesday, May 8th. StockNews.com downgraded Cirrus Logic from a strong-buy rating to a buy rating in a research note on Tuesday, July 2nd. Stifel Nicolaus upped their target price on Cirrus Logic from $100.00 to $110.00 and gave the company a buy rating in a report on Wednesday, May 8th. Finally, Barclays upped their target price on Cirrus Logic from $95.00 to $110.00 and gave the company an overweight rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $112.86.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $136.96 on Tuesday. The company has a market cap of $7.32 billion, a price-to-earnings ratio of 27.78 and a beta of 0.94. The stock has a 50 day simple moving average of $119.27 and a 200-day simple moving average of $98.03. Cirrus Logic has a 1-year low of $65.02 and a 1-year high of $139.00.

Cirrus Logic (NASDAQ:CRUS) last announced 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 return on equity of 16.49% and a net margin of 15.35%. The business had revenue of $371.83 million during the quarter, compared to the consensus estimate of $320.14 million. Analysts anticipate that Cirrus Logic will post 4.75 earnings per share for the current fiscal year.

Insider Transactions at Cirrus Logic

In other news, SVP Scott Thomas sold 11,706 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $120.72, for a total transaction of $1,413,148.32. Following the completion of the transaction, the senior vice president now directly owns 23,975 shares in the company, valued at approximately $2,894,262. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Scott Thomas sold 11,706 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $120.72, for a total transaction of $1,413,148.32. Following the completion of the transaction, the senior vice president now directly owns 23,975 shares in the company, valued at approximately $2,894,262. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Justin E. Dougherty sold 4,000 shares of the stock in a transaction on Monday, May 13th. The stock was 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 $629,628.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,706 shares of company stock worth $2,187,098. 1.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp boosted its holdings in Cirrus Logic by 1.5% during the 4th quarter. Mackenzie Financial Corp now owns 2,485,746 shares of the semiconductor company’s stock valued at $206,789,000 after acquiring an additional 35,722 shares during the period. Sei Investments Co. boosted its holdings in Cirrus Logic by 30.8% during the 4th quarter. Sei Investments Co. now owns 653,998 shares of the semiconductor company’s stock valued at $54,406,000 after acquiring an additional 153,946 shares during the period. Natixis Advisors L.P. boosted its holdings in Cirrus Logic by 24.5% during the 4th quarter. Natixis Advisors L.P. now owns 62,823 shares of the semiconductor company’s stock valued at $5,226,000 after acquiring an additional 12,377 shares during the period. BNP Paribas Financial Markets boosted its holdings in Cirrus Logic by 51.5% during the 4th quarter. BNP Paribas Financial Markets now owns 62,872 shares of the semiconductor company’s stock valued at $5,230,000 after acquiring an additional 21,381 shares during the period. Finally, Kodai Capital Management LP purchased a new position in Cirrus Logic during the 4th quarter valued at about $27,072,000. 87.96% of the stock is currently owned by hedge funds and other 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.