Cirrus Logic (NASDAQ:CRUS) Price Target Raised to $175.00

Cirrus Logic (NASDAQ:CRUS) had its target price upped by KeyCorp from $150.00 to $175.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price target would indicate a potential upside of 18.94% from the stock’s previous close.

A number of other research firms have also recently issued reports on CRUS. Stifel Nicolaus upped their price objective on shares of Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Benchmark raised their target price on shares of Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, February 4th. Loop Capital cut shares of 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. Barclays upped their price target on shares of Cirrus Logic from $110.00 to $120.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Cirrus Logic currently has a consensus rating of “Moderate Buy” and an average target price of $150.43.

Cirrus Logic Price Performance

NASDAQ:CRUS opened at $147.13 on Monday. Cirrus Logic has a twelve month low of $75.83 and a twelve month high of $154.90. The stock’s 50-day simple moving average is $138.75 and its 200 day simple moving average is $128.73. The firm has a market capitalization of $7.51 billion, a PE ratio of 19.38 and a beta of 1.08.

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

Insider Activity at Cirrus Logic

In related news, EVP Justin E. Dougherty sold 3,000 shares of Cirrus Logic 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 sale, the executive vice president directly owned 5,876 shares in the company, valued at $841,208.16. This trade represents a 33.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John Forsyth sold 21,806 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total transaction of $2,947,080.90. Following the sale, the chief executive officer directly owned 50,723 shares in the company, valued at $6,855,213.45. The trade was a 30.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,045 shares of company stock worth $3,835,300 in the last quarter. 1.16% of the stock is owned by insiders.

Institutional Trading of Cirrus Logic

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

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.