Cirrus Logic (NASDAQ:CRUS) Reaches New 12-Month High at $130.04

Cirrus Logic, Inc. (NASDAQ:CRUS)’s stock price hit a new 52-week high on Friday . The company traded as high as $130.04 and last traded at $128.68, with a volume of 110281 shares traded. The stock had previously closed at $126.81.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CRUS shares. TD Cowen boosted their target price on Cirrus Logic from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. KeyCorp boosted their target price on Cirrus Logic from $100.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Barclays boosted their target price on Cirrus Logic from $95.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. StockNews.com lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 20th. Finally, Benchmark lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.86.

Cirrus Logic Trading Up 0.7 %

The stock has a 50 day simple moving average of $110.27 and a 200-day simple moving average of $94.75. The firm has a market capitalization of $6.82 billion, a P/E ratio of 25.89 and a beta of 0.97.

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

Insider Activity at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the business’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 transaction of $115,850.00. Following the completion of the transaction, the director now directly owns 19,332 shares in the company, valued at approximately $2,239,612.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, SVP Scott Thomas sold 11,706 shares of the business’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 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 approximately $2,894,262. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 completion of the transaction, the director now owns 19,332 shares of the company’s stock, valued at $2,239,612.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,706 shares of company stock worth $2,187,098. 1.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale boosted its stake in Cirrus Logic by 139.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,994 shares of the semiconductor company’s stock worth $182,000 after purchasing an additional 1,162 shares during the period. Burney Co. boosted its stake in Cirrus Logic by 7.3% in the 1st quarter. Burney Co. now owns 33,315 shares of the semiconductor company’s stock worth $3,084,000 after purchasing an additional 2,253 shares during the period. EMC Capital Management boosted its stake in Cirrus Logic by 73.3% in the 1st quarter. EMC Capital Management now owns 3,688 shares of the semiconductor company’s stock worth $341,000 after purchasing an additional 1,560 shares during the period. Comerica Bank boosted its stake in Cirrus Logic by 52.7% in the 1st quarter. Comerica Bank now owns 35,067 shares of the semiconductor company’s stock worth $3,246,000 after purchasing an additional 12,101 shares during the period. Finally, Tidal Investments LLC bought a new position in Cirrus Logic in the 1st quarter worth approximately $219,000. 87.96% of the stock is currently owned by institutional investors.

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.