Cirrus Logic (NASDAQ:CRUS) Shares Up 4.3% After Analyst Upgrade

Cirrus Logic, Inc. (NASDAQ:CRUS) shot up 4.3% on Tuesday after KeyCorp raised their price target on the stock from $120.00 to $155.00. KeyCorp currently has an overweight rating on the stock. Cirrus Logic traded as high as $137.25 and last traded at $136.10. 40,327 shares traded hands during trading, a decline of 91% from the average session volume of 446,293 shares. The stock had previously closed at $130.43.

Other research analysts have also issued reports about the company. StockNews.com lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 2nd. Susquehanna boosted their price target on Cirrus Logic from $100.00 to $120.00 and gave the company a “positive” rating in a research note on Wednesday, May 8th. Stifel Nicolaus upped their target price on Cirrus Logic from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Barclays upped their target price on Cirrus Logic from $95.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Finally, TD Cowen upped their price target on Cirrus Logic from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Cirrus Logic currently has an average rating of “Moderate Buy” and an average price target of $112.86.

Insider Activity at Cirrus Logic

In related news, SVP Scott Thomas sold 11,706 shares of the 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 completion of the sale, the senior vice president now owns 23,975 shares of the company’s stock, valued at $2,894,262. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, SVP Scott Thomas sold 11,706 shares of the 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 completion of the transaction, the senior vice president now directly owns 23,975 shares in the company, valued at $2,894,262. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Justin E. Dougherty sold 4,000 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $107.85, for a total value of $431,400.00. Following the completion of the transaction, the senior vice president now owns 5,838 shares of the company’s stock, valued at $629,628.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,706 shares of company stock valued at $2,187,098. 1.02% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp boosted its position in shares of Cirrus Logic by 1.5% during the fourth quarter. Mackenzie Financial Corp now owns 2,485,746 shares of the semiconductor company’s stock worth $206,789,000 after buying an additional 35,722 shares during the period. Sei Investments Co. boosted its position in shares of Cirrus Logic by 30.8% during the fourth quarter. Sei Investments Co. now owns 653,998 shares of the semiconductor company’s stock worth $54,406,000 after buying an additional 153,946 shares during the period. Natixis Advisors L.P. boosted its position in shares of Cirrus Logic by 24.5% during the fourth quarter. Natixis Advisors L.P. now owns 62,823 shares of the semiconductor company’s stock worth $5,226,000 after buying an additional 12,377 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Cirrus Logic by 51.5% during the fourth quarter. BNP Paribas Financial Markets now owns 62,872 shares of the semiconductor company’s stock worth $5,230,000 after buying an additional 21,381 shares during the period. Finally, Kodai Capital Management LP purchased a new position in shares of Cirrus Logic during the fourth quarter worth $27,072,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Price Performance

The firm has a market capitalization of $7.30 billion, a price-to-earnings ratio of 27.71 and a beta of 0.94. The firm has a 50 day moving average price of $117.32 and a 200-day moving average price of $97.40.

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

About Cirrus Logic

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.