Cirrus Logic, Inc. (NASDAQ:CRUS) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) have received a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $128.33.

A number of brokerages have recently issued reports on CRUS. Wall Street Zen lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 5th. Barclays upped their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Benchmark reaffirmed a “buy” rating and issued a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a research note on Wednesday, May 7th.

Insiders Place Their Bets

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total value of $105,620.00. Following the completion of the transaction, the director now directly owns 20,907 shares in the company, valued at approximately $2,208,197.34. The trade was a 4.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the executive vice president now owns 14,001 shares of the company’s stock, valued at $1,400,100. This represents a 41.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cirrus Logic

A number of large investors have recently added to or reduced their stakes in CRUS. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Cirrus Logic during the fourth quarter valued at about $28,000. Banque Cantonale Vaudoise acquired a new position in shares of Cirrus Logic during the first quarter valued at about $30,000. Headlands Technologies LLC acquired a new position in shares of Cirrus Logic during the fourth quarter valued at about $39,000. Geneos Wealth Management Inc. increased its holdings in shares of Cirrus Logic by 95.1% during the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 232 shares in the last quarter. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of Cirrus Logic during the first quarter valued at about $50,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Trading Down 0.1%

Shares of CRUS opened at $107.48 on Friday. The firm has a market capitalization of $5.51 billion, a P/E ratio of 17.88 and a beta of 0.93. Cirrus Logic has a 12-month low of $75.83 and a 12-month high of $147.46. The firm has a fifty day moving average price of $100.30 and a 200-day moving average price of $100.46.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.52. The firm had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The business’s revenue was up 14.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.24 earnings per share. Analysts predict that Cirrus Logic will post 5.63 earnings per share for the current year.

Cirrus Logic announced that its board has authorized a share buyback program on Tuesday, May 6th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

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.