Cirrus Logic (NASDAQ:CRUS) Upgraded to “Strong-Buy” by StockNews.com

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

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

Cirrus Logic Trading Down 4.2 %

Shares of CRUS stock traded down $5.19 on Tuesday, hitting $119.02. The stock had a trading volume of 647,848 shares, compared to its average volume of 482,752. Cirrus Logic has a twelve month low of $65.02 and a twelve month high of $147.46. The company has a fifty day moving average price of $131.56 and a two-hundred day moving average price of $117.06. The firm has a market cap of $6.36 billion, a P/E ratio of 24.14 and a beta of 0.97.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.50. The company had revenue of $374.03 million during the quarter, compared to the consensus estimate of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The company’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 earnings per share. On average, analysts expect that Cirrus Logic will post 5.26 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Andrew Brannan sold 4,350 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the completion of the transaction, the vice president now owns 4,004 shares in the company, valued at approximately $544,704.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Andrew Brannan sold 4,350 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total value of $591,774.00. Following the completion of the transaction, the vice president now directly owns 4,004 shares of the company’s stock, valued at $544,704.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction on 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 transaction, the senior vice president now owns 4,838 shares in the company, valued at $637,212.98. The disclosure for this sale can be found here. Insiders own 1.02% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Profund Advisors LLC increased its holdings in shares of Cirrus Logic by 2.0% during the 2nd quarter. Profund Advisors LLC now owns 5,271 shares of the semiconductor company’s stock worth $673,000 after acquiring an additional 103 shares during the last quarter. Arkadios Wealth Advisors lifted its stake in shares of Cirrus Logic by 2.8% during the 2nd quarter. Arkadios Wealth Advisors now owns 4,413 shares of the semiconductor company’s stock worth $563,000 after buying an additional 119 shares during the last quarter. Oak Associates Ltd. OH lifted its stake in shares of Cirrus Logic by 0.4% during the 2nd quarter. Oak Associates Ltd. OH now owns 34,176 shares of the semiconductor company’s stock worth $4,363,000 after buying an additional 134 shares during the last quarter. Holderness Investments Co. boosted its holdings in shares of Cirrus Logic by 0.3% during the 2nd quarter. Holderness Investments Co. now owns 47,366 shares of the semiconductor company’s stock worth $6,047,000 after buying an additional 155 shares during the period. Finally, Signaturefd LLC grew its stake in Cirrus Logic by 19.5% in the 2nd quarter. Signaturefd LLC now owns 999 shares of the semiconductor company’s stock valued at $128,000 after buying an additional 163 shares during the last quarter. Institutional investors 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.