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

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) have received a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $146.8571.

A number of brokerages have recently commented on CRUS. Barclays increased their price objective on Cirrus Logic from $110.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a report on Monday, December 29th. Benchmark lifted their price target on Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. KeyCorp boosted their price objective on Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Finally, Stifel Nicolaus raised their target price on shares of Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th.

Cirrus Logic Stock Down 3.3%

NASDAQ:CRUS opened at $138.38 on Wednesday. The business’s 50-day moving average price is $131.37 and its 200 day moving average price is $124.96. Cirrus Logic has a 52-week low of $75.83 and a 52-week high of $146.88. The firm has a market cap of $7.06 billion, a P/E ratio of 18.23 and a beta of 1.12.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.37 by $0.60. The company had revenue of $580.62 million during the quarter, compared to the consensus estimate of $531.43 million. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. Cirrus Logic’s revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the company earned $2.51 EPS. Sell-side analysts expect that Cirrus Logic will post 5.63 EPS for the current year.

Insider Buying and Selling

In other news, CEO John Forsyth sold 21,806 shares of the stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total value of $2,947,080.90. Following the completion of the sale, the chief executive officer owned 50,723 shares in the company, valued at $6,855,213.45. This represents a 30.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Justin E. Dougherty sold 3,000 shares of Cirrus Logic stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $143.16, for a total value of $429,480.00. Following the transaction, the executive vice president owned 5,876 shares in the company, valued at $841,208.16. This represents a 33.80% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 28,045 shares of company stock valued at $3,835,300. Company insiders own 1.16% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

A number of hedge funds and other institutional investors have recently made changes to their positions in CRUS. Caitong International Asset Management Co. Ltd lifted its position in shares of Cirrus Logic by 7,333.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 220 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in shares of Cirrus Logic by 1,660.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 264 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 249 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth approximately $33,000. Torren Management LLC bought a new stake in shares of Cirrus Logic during the fourth quarter worth approximately $35,000. Finally, Kestra Advisory Services LLC acquired a new position in Cirrus Logic in the fourth quarter valued at approximately $36,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.