Brokerages Set Cirrus Logic, Inc. (NASDAQ:CRUS) PT at $146.86

Cirrus Logic, Inc. (NASDAQ:CRUS) has received a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $146.8571.

Several equities analysts have commented on CRUS shares. Barclays boosted their price target on shares of Cirrus Logic from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Friday, March 27th. Loop Capital cut Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 target price for the company. in a research note on Monday, February 2nd. Benchmark upped their price target on Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Finally, Stifel Nicolaus increased their price target on Cirrus Logic from $150.00 to $163.00 and gave the company a “buy” rating in a research report on Wednesday, February 4th.

Cirrus Logic Stock Performance

NASDAQ CRUS opened at $147.13 on Friday. The firm has a market cap of $7.51 billion, a price-to-earnings ratio of 19.38 and a beta of 1.08. The firm has a 50 day simple moving average of $138.75 and a 200-day simple moving average of $128.67. Cirrus Logic has a one year low of $75.83 and a one year high of $154.90.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.37 by $0.60. The firm had revenue of $580.62 million for the quarter, compared to the consensus estimate of $531.43 million. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.51 EPS. Equities analysts predict that Cirrus Logic will post 5.63 EPS for the current fiscal year.

Insider Buying and Selling

In other Cirrus Logic news, EVP Justin E. Dougherty sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $143.16, for a total transaction of $429,480.00. Following the completion of the transaction, the executive vice president owned 5,876 shares in the company, valued at $841,208.16. The trade was a 33.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO John Forsyth sold 21,806 shares of the stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $135.15, for a total transaction of $2,947,080.90. Following the completion of the sale, the chief executive officer directly owned 50,723 shares in the company, valued at approximately $6,855,213.45. This represents a 30.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 28,045 shares of company stock worth $3,835,300. Company insiders own 1.16% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

Several institutional investors have recently modified their holdings of CRUS. Caitong International Asset Management Co. Ltd increased its holdings in Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 220 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Cirrus Logic during the 4th quarter worth about $33,000. Torren Management LLC acquired a new position in shares of Cirrus Logic during the 4th quarter worth about $35,000. Kestra Advisory Services LLC purchased a new position in shares of Cirrus Logic in the 4th quarter valued at about $36,000. Finally, Abich Financial Wealth Management LLC purchased a new position in shares of Cirrus Logic in the 3rd quarter valued at about $46,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.