KeyCorp Reiterates “Overweight” Rating for Cirrus Logic (NASDAQ:CRUS)

Cirrus Logic (NASDAQ:CRUS)‘s stock had its “overweight” rating reaffirmed by equities research analysts at KeyCorp in a research note issued on Thursday, Benzinga reports. They currently have a $110.00 price objective on the semiconductor company’s stock. KeyCorp’s price objective points to a potential upside of 50.33% from the stock’s current price.

Several other brokerages also recently weighed in on CRUS. Susquehanna lifted their target price on shares of Cirrus Logic from $90.00 to $95.00 and gave the company a “positive” rating in a report on Friday, August 4th. Loop Capital downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating and lowered their target price for the company from $92.00 to $80.00 in a report on Monday, May 22nd. StockNews.com raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a report on Thursday, September 7th. Finally, Bank of America lifted their target price on shares of Cirrus Logic from $75.00 to $80.00 in a report on Friday, August 4th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Cirrus Logic currently has an average rating of “Moderate Buy” and a consensus price target of $99.00.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock opened at $73.17 on Thursday. Cirrus Logic has a 1 year low of $61.94 and a 1 year high of $111.15. The company has a market capitalization of $4.00 billion, a P/E ratio of 27.51, a PEG ratio of 11.26 and a beta of 0.94. The company’s fifty day moving average is $79.15 and its two-hundred day moving average is $85.03.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.23. Cirrus Logic had a net margin of 8.38% and a return on equity of 16.18%. The company had revenue of $317.02 million for the quarter, compared to the consensus estimate of $290.58 million. As a group, equities analysts expect that Cirrus Logic will post 4.03 earnings per share for the current year.

Insiders Place Their Bets

In other Cirrus Logic news, VP Andrew Brannan sold 950 shares of Cirrus Logic stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $80.00, for a total transaction of $76,000.00. Following the completion of the transaction, the vice president now owns 6,555 shares in the company, valued at $524,400. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cirrus Logic

A number of large investors have recently bought and sold shares of the stock. Canton Hathaway LLC acquired a new stake in shares of Cirrus Logic in the first quarter worth $27,000. Altshuler Shaham Ltd acquired a new stake in shares of Cirrus Logic in the first quarter worth $32,000. Ameritas Advisory Services LLC acquired a new stake in shares of Cirrus Logic in the first quarter worth $35,000. Covington Capital Management increased its position in shares of Cirrus Logic by 100.0% in the third quarter. Covington Capital Management now owns 400 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 200 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of Cirrus Logic in the first quarter worth $57,000. Hedge funds and other institutional investors own 90.18% 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 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 digital signal processing; boosted amplifiers; 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.