Cirrus Logic (NASDAQ:CRUS) Hits New 12-Month High – Still a Buy?

Cirrus Logic, Inc. (NASDAQ:CRUS) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $180.42 and last traded at $176.0920, with a volume of 14381 shares. The stock had previously closed at $178.30.

Analysts Set New Price Targets

CRUS has been the topic of a number of research reports. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research note on Thursday, May 7th. KeyCorp raised their price objective on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Barclays upped their target price on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Finally, Loop Capital lowered Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 target price on the stock. in a research note on Monday, February 2nd. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $161.71.

Cirrus Logic Stock Down 2.1%

The company’s 50 day moving average is $157.91 and its 200 day moving average is $138.20. The firm has a market capitalization of $8.83 billion, a price-to-earnings ratio of 22.21 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.19. The business had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.67 EPS. On average, analysts expect that Cirrus Logic, Inc. will post 8.01 EPS for the current year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Scott Thomas sold 9,942 shares of Cirrus Logic stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $160.11, for a total value of $1,591,813.62. Following the completion of the sale, the executive vice president directly owned 30,393 shares in the company, valued at approximately $4,866,223.23. The trade was a 24.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total value of $333,000.00. Following the completion of the sale, the executive vice president owned 4,537 shares of the company’s stock, valued at approximately $755,410.50. This trade represents a 30.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 17,942 shares of company stock valued at $2,935,864 over the last ninety days. Company insiders own 1.16% of the company’s stock.

Institutional Trading of Cirrus Logic

Large investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of Cirrus Logic in the fourth quarter worth $69,674,000. Invesco Ltd. lifted its position in Cirrus Logic by 133.6% during the fourth quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock worth $76,136,000 after purchasing an additional 367,488 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in Cirrus Logic by 546.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock worth $46,005,000 after buying an additional 328,159 shares in the last quarter. Defiance ETFs LLC acquired a new stake in Cirrus Logic during the fourth quarter worth about $38,050,000. Finally, Allianz Asset Management GmbH increased its holdings in Cirrus Logic by 33.5% in the 4th quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock valued at $127,224,000 after buying an additional 269,391 shares during the period. 87.96% of the stock is owned by institutional investors and hedge funds.

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.