Cirrus Logic (NASDAQ:CRUS) Upgraded at StockNews.com

Cirrus Logic (NASDAQ:CRUS) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Tuesday.

Several other research analysts have also recently commented on the stock. KeyCorp increased their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Susquehanna increased their price objective on shares of Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, July 17th. Barclays raised their price objective on Cirrus Logic from $110.00 to $140.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Finally, Stifel Nicolaus upped their target price on Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cirrus Logic currently has an average rating of “Buy” and a consensus price target of $143.33.

Cirrus Logic Price Performance

CRUS opened at $121.03 on Tuesday. The company has a market capitalization of $6.47 billion, a price-to-earnings ratio of 24.55 and a beta of 0.97. The business’s 50-day moving average price is $131.56 and its two-hundred day moving average price is $117.06. Cirrus Logic has a 1 year low of $65.02 and a 1 year high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.50. The business had revenue of $374.03 million for the quarter, compared to analyst estimates of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. Cirrus Logic’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.35 EPS. Sell-side analysts anticipate that Cirrus Logic will post 5.26 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the completion of the transaction, the senior vice president now owns 4,838 shares in the company, valued at $637,212.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Andrew Brannan sold 4,350 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total value of $591,774.00. Following the transaction, the vice president now directly owns 4,004 shares of the company’s stock, valued at $544,704.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the sale, the senior vice president now directly owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. The disclosure for this sale can be found here. 1.02% of the stock is owned by insiders.

Institutional Investors Weigh In On Cirrus Logic

Several hedge funds have recently bought and sold shares of CRUS. Pacer Advisors Inc. lifted its holdings in shares of Cirrus Logic by 8,183.4% during the second quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company’s stock worth $84,935,000 after buying an additional 657,288 shares in the last quarter. Balyasny Asset Management L.P. grew its position in shares of Cirrus Logic by 307.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock worth $58,777,000 after purchasing an additional 533,019 shares in the last quarter. LSV Asset Management increased its holdings in shares of Cirrus Logic by 34.6% during the second quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock worth $241,340,000 after purchasing an additional 486,086 shares during the period. Acadian Asset Management LLC raised its position in shares of Cirrus Logic by 68.6% in the first quarter. Acadian Asset Management LLC now owns 460,681 shares of the semiconductor company’s stock valued at $42,619,000 after buying an additional 187,438 shares in the last quarter. Finally, DNB Asset Management AS bought a new stake in shares of Cirrus Logic in the second quarter valued at approximately $23,250,000. 87.96% of the stock is currently 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.