Cirrus Logic (NASDAQ:CRUS) Reaches New 1-Year High After Analyst Upgrade

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) hit a new 52-week high on Wednesday after StockNews.com upgraded the stock from a buy rating to a strong-buy rating. The stock traded as high as $103.02 and last traded at $103.02, with a volume of 15368 shares trading hands. The stock had previously closed at $91.13.

A number of other equities analysts have also weighed in on the stock. KeyCorp lifted their price objective on shares of Cirrus Logic from $100.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday. TheStreet upgraded shares of Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. Stifel Nicolaus lifted their price objective on Cirrus Logic from $100.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday. Susquehanna increased their target price on Cirrus Logic from $100.00 to $120.00 and gave the stock a “positive” rating in a research note on Wednesday. Finally, TD Cowen lifted their price target on Cirrus Logic from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $107.86.

Insider Buying and Selling

In other Cirrus Logic news, SVP Justin E. Dougherty sold 3,280 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total transaction of $299,792.00. Following the sale, the senior vice president now directly owns 6,000 shares in the company, valued at $548,400. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

Several hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Cirrus Logic in the fourth quarter valued at $51,890,000. Balyasny Asset Management L.P. grew its holdings in shares of Cirrus Logic by 307.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock worth $58,777,000 after buying an additional 533,019 shares in the last quarter. FMR LLC grew its holdings in shares of Cirrus Logic by 4.5% during the third quarter. FMR LLC now owns 7,552,630 shares of the semiconductor company’s stock worth $558,593,000 after buying an additional 327,269 shares in the last quarter. Kodai Capital Management LP acquired a new position in shares of Cirrus Logic in the fourth quarter valued at approximately $27,072,000. Finally, Kettle Hill Capital Management LLC purchased a new position in shares of Cirrus Logic during the third quarter valued at approximately $14,442,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Price Performance

The stock has a market cap of $5.51 billion, a price-to-earnings ratio of 32.46 and a beta of 0.99. The stock’s 50-day moving average is $89.88 and its 200-day moving average is $83.31.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $2.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.83. The company had revenue of $618.98 million for the quarter, compared to analyst estimates of $539.55 million. Cirrus Logic had a return on equity of 16.13% and a net margin of 9.84%. Analysts predict that Cirrus Logic, Inc. will post 4.79 EPS for the current fiscal year.

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.