Cirrus Logic (NASDAQ:CRUS) Given New $175.00 Price Target at KeyCorp

Cirrus Logic (NASDAQ:CRUS) had its target price boosted by KeyCorp from $150.00 to $175.00 in a research report released on Monday,Benzinga reports. KeyCorp currently has an overweight rating on the semiconductor company’s stock.

A number of other research firms also recently commented on CRUS. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a report on Friday, March 27th. Benchmark raised their target price on Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. Barclays raised their target price on Cirrus Logic from $110.00 to $120.00 and gave the company an “equal weight” rating in a report on Tuesday, March 3rd. Loop Capital downgraded Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 target price for the company. in a report on Monday, February 2nd. Finally, Stifel Nicolaus raised their target price on Cirrus Logic from $150.00 to $163.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $150.43.

Cirrus Logic Price Performance

NASDAQ:CRUS opened at $148.78 on Monday. The firm’s fifty day moving average price is $139.16 and its 200 day moving average price is $128.92. Cirrus Logic has a 1-year low of $75.83 and a 1-year high of $154.90. The firm has a market cap of $7.59 billion, a price-to-earnings ratio of 19.60 and a beta of 1.08.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data 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. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The firm had revenue of $580.62 million for the quarter, compared to analyst estimates of $531.43 million. During the same period last year, the firm posted $2.51 EPS. Cirrus Logic’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, analysts expect that Cirrus Logic will post 5.63 earnings per share for the current fiscal year.

Insider Transactions at Cirrus Logic

In other news, CEO John Forsyth sold 21,806 shares of Cirrus Logic stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total transaction of $2,947,080.90. Following the completion of the transaction, the chief executive officer owned 50,723 shares of the company’s stock, valued at $6,855,213.45. The trade was a 30.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Scott Thomas sold 3,239 shares of Cirrus Logic stock in a transaction on Friday, February 13th. The stock was sold at an average price of $141.63, for a total value of $458,739.57. Following the transaction, the executive vice president directly owned 30,393 shares of the company’s stock, valued at $4,304,560.59. This trade represents a 9.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 28,045 shares of company stock valued at $3,835,300 in the last 90 days. 1.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. raised its stake in shares of Cirrus Logic by 29.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,567 shares of the semiconductor company’s stock worth $186,000 after buying an additional 354 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of Cirrus Logic by 100.6% during the 4th quarter. Corient Private Wealth LLC now owns 25,768 shares of the semiconductor company’s stock worth $3,055,000 after buying an additional 12,923 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after buying an additional 220 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Cirrus Logic by 127.9% during the 4th quarter. Pacer Advisors Inc. now owns 421,426 shares of the semiconductor company’s stock worth $49,939,000 after buying an additional 236,501 shares during the last quarter. Finally, Kera Capital Partners Inc. raised its stake in shares of Cirrus Logic by 49.9% during the 4th quarter. Kera Capital Partners Inc. now owns 7,662 shares of the semiconductor company’s stock worth $999,000 after buying an additional 2,551 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

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.