Cirrus Logic (NASDAQ:CRUS) PT Raised to $120.00 at KeyCorp

Cirrus Logic (NASDAQ:CRUS) had its price objective lifted by KeyCorp from $100.00 to $120.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s target price suggests a potential upside of 15.63% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the stock. StockNews.com cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 20th. TheStreet upgraded shares of Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. Susquehanna upped their target price on shares of Cirrus Logic from $100.00 to $120.00 and gave the company a “positive” rating in a research note on Wednesday. Barclays upped their target price on shares of Cirrus Logic from $95.00 to $110.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Stifel Nicolaus upped their target price on shares of Cirrus Logic from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $107.86.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $103.78 on Wednesday. Cirrus Logic has a one year low of $65.02 and a one year high of $104.16. The company’s 50-day moving average is $90.12 and its 200 day moving average is $83.45. The company has a market capitalization of $5.59 billion, a price-to-earnings ratio of 32.95 and a beta of 0.99.

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

Insider Transactions at Cirrus Logic

In other news, SVP Justin E. Dougherty sold 3,280 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $91.40, for a total value of $299,792.00. Following the transaction, the senior vice president now owns 6,000 shares in the company, valued at approximately $548,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

Several institutional investors have recently made changes to their positions in CRUS. Xponance Inc. raised its stake in Cirrus Logic by 10.4% during the 3rd quarter. Xponance Inc. now owns 7,407 shares of the semiconductor company’s stock worth $548,000 after acquiring an additional 696 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Cirrus Logic by 17.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,511 shares of the semiconductor company’s stock worth $777,000 after acquiring an additional 1,527 shares during the period. Strs Ohio raised its stake in Cirrus Logic by 41.8% during the 3rd quarter. Strs Ohio now owns 24,337 shares of the semiconductor company’s stock worth $1,799,000 after acquiring an additional 7,179 shares during the period. Inspire Investing LLC raised its stake in Cirrus Logic by 10.1% during the 3rd quarter. Inspire Investing LLC now owns 4,744 shares of the semiconductor company’s stock worth $351,000 after acquiring an additional 434 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in Cirrus Logic by 71.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 722 shares of the semiconductor company’s stock worth $53,000 after acquiring an additional 300 shares during the period. Institutional investors own 87.96% of the company’s stock.

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 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.