Cirrus Logic (NASDAQ:CRUS) Price Target Raised to $120.00

Cirrus Logic (NASDAQ:CRUS) had its price objective upped by Barclays from $110.00 to $120.00 in a research report released on Tuesday morning,Benzinga reports. Barclays currently has an equal weight rating on the semiconductor company’s stock.

Several other equities research analysts also recently commented on the stock. Loop Capital downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price target for the company. in a research report on Monday, February 2nd. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Monday, December 29th. Stifel Nicolaus raised their target price on Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Wall Street Zen lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, KeyCorp increased their price objective on Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $146.86.

Cirrus Logic Stock Down 2.6%

Shares of NASDAQ CRUS opened at $134.28 on Tuesday. Cirrus Logic has a 12 month low of $75.83 and a 12 month high of $146.88. The company has a market cap of $6.85 billion, a price-to-earnings ratio of 17.69 and a beta of 1.12. The business has a fifty day simple moving average of $131.95 and a 200-day simple moving average of $125.12.

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, topping analysts’ consensus estimates of $2.37 by $0.60. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The firm had revenue of $580.62 million for the quarter, compared to analysts’ expectations of $531.43 million. During the same quarter last year, the business posted $2.51 EPS. Cirrus Logic’s revenue was up 4.5% on a year-over-year basis. As a group, sell-side analysts expect that Cirrus Logic will post 5.63 EPS for the current fiscal year.

Insider Activity at Cirrus Logic

In other news, EVP Justin E. Dougherty sold 3,000 shares of Cirrus Logic stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $143.16, for a total transaction of $429,480.00. Following the completion of the sale, the executive vice president directly owned 5,876 shares in the company, valued at $841,208.16. The trade was a 33.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Thomas sold 3,239 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $141.63, for a total value of $458,739.57. Following the completion of the sale, the executive vice president directly owned 30,393 shares of the company’s stock, valued at approximately $4,304,560.59. The trade was a 9.63% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 28,045 shares of company stock valued at $3,835,300. Insiders own 1.16% of the company’s stock.

Institutional Trading of Cirrus Logic

Institutional investors have recently added to or reduced their stakes in the business. Inspire Investing LLC boosted its stake in shares of Cirrus Logic by 186.9% during the 3rd quarter. Inspire Investing LLC now owns 13,241 shares of the semiconductor company’s stock worth $1,659,000 after acquiring an additional 8,625 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Cirrus Logic by 102.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 25,341 shares of the semiconductor company’s stock worth $3,175,000 after purchasing an additional 12,828 shares during the last quarter. Campbell & CO Investment Adviser LLC boosted its position in Cirrus Logic by 852.1% during the second quarter. Campbell & CO Investment Adviser LLC now owns 22,242 shares of the semiconductor company’s stock worth $2,319,000 after purchasing an additional 19,906 shares during the period. CWA Asset Management Group LLC acquired a new position in Cirrus Logic during the third quarter valued at approximately $2,635,000. Finally, Aviva PLC raised its position in shares of Cirrus Logic by 42.4% in the second quarter. Aviva PLC now owns 8,291 shares of the semiconductor company’s stock valued at $864,000 after purchasing an additional 2,467 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.

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.