Cirrus Logic (NASDAQ:CRUS) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Cirrus Logic (NASDAQ:CRUS) from a hold rating to a buy rating in a report issued on Saturday morning,Wall Street Zen reports.

A number of other equities analysts have also recently commented on CRUS. KeyCorp lowered their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Stifel Nicolaus reduced their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Weiss Ratings downgraded shares of Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 2nd. Barclays lowered their target price on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a research note on Thursday, August 6th. Finally, Zacks Research lowered Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cirrus Logic currently has an average rating of “Hold” and an average target price of $150.71.

Cirrus Logic Price Performance

NASDAQ CRUS opened at $106.87 on Friday. The stock has a market capitalization of $5.36 billion, a P/E ratio of 13.08 and a beta of 1.17. The firm’s 50-day moving average is $117.69 and its two-hundred day moving average is $142.76. Cirrus Logic has a 12 month low of $106.26 and a 12 month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The firm had revenue of $459.72 million during the quarter, compared to analysts’ expectations of $460.32 million. During the same quarter last year, the company posted $1.51 EPS. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. As a group, analysts anticipate that Cirrus Logic will post 7.32 EPS for the current year.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey Baumgartner sold 1,166 shares of the company’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $119.00, for a total transaction of $138,754.00. Following the completion of the sale, the executive vice president directly owned 12,907 shares in the company, valued at $1,535,933. This represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 3,498 shares of company stock worth $437,786. Corporate insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wedmont Private Capital raised its stake in Cirrus Logic by 41.0% during the third quarter. Wedmont Private Capital now owns 2,318 shares of the semiconductor company’s stock valued at $262,000 after buying an additional 674 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Cirrus Logic by 3.8% during the third quarter. GAMMA Investing LLC now owns 2,742 shares of the semiconductor company’s stock valued at $329,000 after purchasing an additional 100 shares in the last quarter. Elevation Wealth Partners LLC raised its position in shares of Cirrus Logic by 44.1% during the 3rd quarter. Elevation Wealth Partners LLC now owns 425 shares of the semiconductor company’s stock worth $51,000 after buying an additional 130 shares in the last quarter. Cim Investment Management Inc. raised its position in shares of Cirrus Logic by 7.4% during the 2nd quarter. Cim Investment Management Inc. now owns 3,963 shares of the semiconductor company’s stock worth $589,000 after buying an additional 274 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its stake in shares of Cirrus Logic by 7.9% in the 2nd quarter. QRG Capital Management Inc. now owns 7,457 shares of the semiconductor company’s stock worth $1,108,000 after acquiring an additional 545 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

About Cirrus Logic

Cirrus Logic, Inc is a fabless semiconductor company that develops high-performance, low-power analog and mixed-signal processing solutions. Its technologies are designed to capture, process, and enhance audio and other sensory signals in electronic devices.

The company’s products include audio converters, codecs, amplifiers, digital signal processors, voice-input components, and haptic and sensing solutions. These products are used in smartphones, laptops, tablets, headphones, home audio equipment, automotive systems, and other consumer and industrial applications.

Headquartered in Austin, Texas, Cirrus Logic serves customers globally through a combination of product development, engineering, sales, and support operations.