Cirrus Logic (NASDAQ:CRUS) Trading Up 4.3% Following Analyst Upgrade

Cirrus Logic, Inc. (NASDAQ:CRUSGet Free Report)’s share price was up 4.3% during mid-day trading on Tuesday after KeyCorp raised their price target on the stock from $120.00 to $155.00. KeyCorp currently has an overweight rating on the stock. Cirrus Logic traded as high as $137.25 and last traded at $136.10. Approximately 40,327 shares were traded during trading, a decline of 91% from the average daily volume of 446,293 shares. The stock had previously closed at $130.43.

Several other analysts have also commented on the company. StockNews.com lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 2nd. Benchmark lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. Barclays boosted 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, May 8th. Susquehanna raised their price target on shares of Cirrus Logic from $100.00 to $120.00 and gave the company a “positive” rating in a research report on Wednesday, May 8th. Finally, TD Cowen upped their price objective on shares of Cirrus Logic from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $112.86.

Read Our Latest Analysis on CRUS

Insider Activity at Cirrus Logic

In other news, SVP Justin E. Dougherty sold 4,000 shares of Cirrus Logic stock in a transaction on Monday, May 13th. The shares were sold at an average price of $107.85, for a total value of $431,400.00. Following the transaction, the senior vice president now directly owns 5,838 shares of the company’s stock, valued at approximately $629,628.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Justin E. Dougherty sold 4,000 shares of Cirrus Logic stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $107.85, for a total value of $431,400.00. Following the sale, the senior vice president now owns 5,838 shares of the company’s stock, valued at $629,628.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Scott Thomas sold 11,706 shares of Cirrus Logic stock in a transaction that occurred 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 sale, the senior vice president now directly 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 in the last three months. 1.02% of the stock is currently owned by company insiders.

Institutional Trading of Cirrus Logic

Institutional investors have recently bought and sold shares of the company. Heron Bay Capital Management lifted its position in shares of Cirrus Logic by 1.6% in the first quarter. Heron Bay Capital Management now owns 10,672 shares of the semiconductor company’s stock valued at $988,000 after acquiring an additional 169 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in shares of Cirrus Logic by 93.7% during the 4th quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 178 shares during the last quarter. Cardinal Capital Management boosted its stake in shares of Cirrus Logic by 1.2% during the 4th quarter. Cardinal Capital Management now owns 16,576 shares of the semiconductor company’s stock worth $1,379,000 after purchasing an additional 189 shares during the last quarter. Atlas Capital Advisors LLC grew its holdings 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 buying an additional 204 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Cirrus Logic by 79.5% in the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock valued at $61,000 after buying an additional 210 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Stock Up 3.9 %

The firm’s 50 day moving average is $116.26 and its 200-day moving average is $97.13. The firm has a market cap of $7.24 billion, a PE ratio of 27.48 and a beta of 0.94.

Cirrus Logic (NASDAQ:CRUSGet Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.48. The firm had revenue of $371.83 million for the quarter, compared to analyst estimates of $320.14 million. Cirrus Logic had a return on equity of 16.49% and a net margin of 15.35%. On average, analysts forecast that Cirrus Logic, Inc. will post 4.75 earnings per share for the current year.

About Cirrus Logic

(Get Free Report)

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.

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