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

Cirrus Logic (NASDAQ:CRUS) had its price target lifted by KeyCorp from $120.00 to $155.00 in a research note released on Tuesday morning, Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

A number of other equities analysts have also commented on CRUS. Benchmark lowered Cirrus Logic from a buy rating to a hold rating in a research note on Thursday, May 16th. Barclays lifted their price objective on Cirrus Logic from $95.00 to $110.00 and gave the stock an overweight rating in a research note on Wednesday, May 8th. Susquehanna lifted their price objective on Cirrus Logic from $100.00 to $120.00 and gave the stock a positive rating in a research note on Wednesday, May 8th. Stifel Nicolaus lifted their price objective on Cirrus Logic from $100.00 to $110.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. Finally, TD Cowen boosted their price target on Cirrus Logic from $100.00 to $115.00 and gave the company a buy rating in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $112.86.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS opened at $136.96 on Tuesday. Cirrus Logic has a fifty-two week low of $65.02 and a fifty-two week high of $139.00. The business has a 50-day moving average of $119.27 and a two-hundred day moving average of $98.03. The stock has a market capitalization of $7.32 billion, a P/E ratio of 27.78 and a beta of 0.94.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.48. The company had revenue of $371.83 million during the quarter, compared to analysts’ expectations of $320.14 million. Cirrus Logic had a return on equity of 16.49% and a net margin of 15.35%. As a group, research analysts expect that Cirrus Logic will post 4.75 EPS for the current fiscal year.

Insider Activity

In other news, SVP Scott Thomas sold 11,706 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $120.72, for a total value of $1,413,148.32. Following the sale, 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 filing with the SEC, which is available at the SEC website. In other news, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $115.85, for a total value of $115,850.00. Following the sale, the director now directly owns 19,332 shares in the company, valued at approximately $2,239,612.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Scott Thomas sold 11,706 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $120.72, for a total value of $1,413,148.32. Following the completion of the sale, the senior vice president now owns 23,975 shares in the company, valued at $2,894,262. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,706 shares of company stock worth $2,187,098. Company insiders own 1.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CRUS. Diversified Trust Co acquired a new position in shares of Cirrus Logic in the 3rd quarter worth approximately $450,000. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Cirrus Logic by 30.1% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 39,327 shares of the semiconductor company’s stock worth $2,908,000 after acquiring an additional 9,105 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Cirrus Logic by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 6,299,658 shares of the semiconductor company’s stock worth $465,923,000 after acquiring an additional 105,577 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Cirrus Logic in the 4th quarter worth approximately $173,000. Finally, Pacer Advisors Inc. boosted its holdings in shares of Cirrus Logic by 76.8% in the 4th quarter. Pacer Advisors Inc. now owns 8,102 shares of the semiconductor company’s stock worth $674,000 after acquiring an additional 3,520 shares in the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Company Profile

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.