Cirrus Logic (NASDAQ:CRUS) Lowered to Buy at StockNews.com

StockNews.com cut shares of Cirrus Logic (NASDAQ:CRUS) from a strong-buy rating to a buy rating in a research note released on Friday morning.

Several other equities research analysts also recently commented on the stock. TD Cowen lifted their price objective on shares of Cirrus Logic from $100.00 to $115.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. Susquehanna boosted their price target on Cirrus Logic from $120.00 to $175.00 and gave the company a positive rating in a research note on Wednesday, July 17th. Barclays raised 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. KeyCorp upped their target price on Cirrus Logic from $120.00 to $155.00 and gave the company an overweight rating in a research report on Tuesday, July 9th. Finally, Stifel Nicolaus raised their price target on shares of Cirrus Logic from $110.00 to $165.00 and gave the stock a buy rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $128.57.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $129.24 on Friday. The stock’s fifty day moving average price is $125.48 and its 200 day moving average price is $101.77. Cirrus Logic has a 1-year low of $65.02 and a 1-year high of $142.83. The company has a market cap of $6.91 billion, a price-to-earnings ratio of 26.22 and a beta of 0.94.

Cirrus Logic (NASDAQ:CRUS) last issued 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 business had revenue of $371.83 million for the quarter, compared to analyst estimates of $320.14 million. Cirrus Logic had a return on equity of 16.49% and a net margin of 15.35%. As a group, equities research analysts anticipate that Cirrus Logic will post 4.75 earnings per share for the current year.

Insider Buying and Selling

In other Cirrus Logic news, SVP Scott Thomas sold 11,706 shares of the firm’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 of the company’s stock, valued at $2,894,262. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Cirrus Logic news, SVP Scott Thomas sold 11,706 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $120.72, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $113.35, for a total transaction of $226,700.00. Following the completion of the sale, the vice president now owns 38,507 shares in the company, valued at approximately $4,364,768.45. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,706 shares of company stock valued at $2,187,098. 1.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cirrus Logic

A number of hedge funds have recently made changes to their positions in CRUS. Versant Capital Management Inc increased its position in shares of Cirrus Logic by 1,911.1% during the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock worth $46,000 after purchasing an additional 344 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in shares of Cirrus Logic by 93.7% during the fourth quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock worth $31,000 after buying an additional 178 shares in the last quarter. Atlas Capital Advisors LLC raised its position in shares of Cirrus Logic by 103.0% in the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 204 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Cirrus Logic by 79.5% in the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock worth $61,000 after buying an additional 210 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its position in Cirrus Logic by 72.3% during the fourth quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 214 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

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.