Cirrus Logic (NASDAQ:CRUS) Cut 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 Tuesday morning.

CRUS has been the subject of several other reports. Barclays raised their price objective on Cirrus Logic from $95.00 to $110.00 and gave the company an overweight rating in a research note on Wednesday, May 8th. Stifel Nicolaus raised their price objective on Cirrus Logic from $100.00 to $110.00 and gave the company a buy rating in a research note on Wednesday, May 8th. TD Cowen raised their price target on Cirrus Logic from $100.00 to $115.00 and gave the stock a buy rating in a research report on Wednesday, May 8th. Benchmark downgraded Cirrus Logic from a buy rating to a hold rating in a research report on Thursday, May 16th. Finally, Susquehanna raised their price target on Cirrus Logic from $100.00 to $120.00 and gave the stock a positive rating in a research report on Wednesday, May 8th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Cirrus Logic has an average rating of Moderate Buy and a consensus price target of $107.86.

Cirrus Logic Price Performance

CRUS opened at $128.57 on Tuesday. Cirrus Logic has a 12 month low of $65.02 and a 12 month high of $130.29. The stock has a market capitalization of $6.87 billion, a P/E ratio of 26.08 and a beta of 0.94. The business has a 50 day simple moving average of $113.71 and a 200-day simple moving average of $95.93.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $0.84 earnings per share 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 firm had revenue of $371.83 million during the quarter, compared to the consensus estimate of $320.14 million. Research analysts anticipate that Cirrus Logic will post 4.75 EPS for the current year.

Insider Activity

In other news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction 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 sale, the director now owns 19,332 shares of the company’s stock, valued at $2,239,612.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction 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 transaction, the director now owns 19,332 shares in the company, valued at $2,239,612.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Scott Thomas sold 11,706 shares of Cirrus Logic stock in a transaction on Wednesday, June 12th. The shares were 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 owns 23,975 shares in the company, valued at approximately $2,894,262. The disclosure for this sale can be found here. Insiders sold a total of 18,706 shares of company stock valued at $2,187,098 over the last quarter. Company insiders own 1.02% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC boosted its holdings in Cirrus Logic by 93.7% in the fourth quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 178 shares during the last quarter. Atlas Capital Advisors LLC lifted its stake in shares of Cirrus Logic by 103.0% during the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 204 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Cirrus Logic by 79.5% during the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock worth $61,000 after purchasing an additional 210 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in shares of 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 purchasing an additional 214 shares in the last quarter. Finally, Disciplined Equity Management Inc. acquired a new position in shares of Cirrus Logic during the fourth quarter worth about $83,000. 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.