Cirrus Logic, Inc. (CRUS) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Cirrus Logic, Inc. (NASDAQ:CRUS) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $62.00 price objective on the semiconductor company’s stock.
According to Zacks, “Cirrus Logic is a premier supplier of high-performance analog circuits and advanced mixed-signal chip solutions. Continued investments in the audio segment have helped the company to come up with innovative products from time to time. This aids it in attracting new customers and brings in additional revenues. Additionally, expansion in the LED market continues to drive growth. Cirrus Logic generates a significant portion of revenues from Apple. This means that there is always an inherent risk of losing an Apple design contract, which will significantly hurt the company’s financials. Moreover, the company faces competition from the likes of Texas Instruments and STMicroelectronics, which also remains a concern.”
CRUS has been the subject of a number of other reports. BidaskClub lowered Cirrus Logic from a strong-buy rating to a buy rating in a research report on Wednesday, August 2nd. Craig Hallum reiterated a hold rating on shares of Cirrus Logic in a research report on Wednesday, September 13th. Stifel Nicolaus reiterated a buy rating and set a $75.00 price objective on shares of Cirrus Logic in a research report on Thursday, August 3rd. Pacific Crest reiterated an overweight rating and set a $75.00 price objective on shares of Cirrus Logic in a research report on Wednesday, June 21st. Finally, Barclays PLC lowered Cirrus Logic from an equal weight rating to an underweight rating and set a $55.00 price objective on the stock. in a research note on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $67.69.
Shares of Cirrus Logic (NASDAQ CRUS) traded up 0.79% during trading on Tuesday, hitting $54.90. 445,765 shares of the company’s stock were exchanged. The company has a market cap of $3.50 billion, a P/E ratio of 12.84 and a beta of 0.01. Cirrus Logic has a 12-month low of $49.05 and a 12-month high of $71.97. The company has a 50-day moving average of $55.53 and a 200-day moving average of $61.40.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.15. The company had revenue of $320.70 million during the quarter, compared to analysts’ expectations of $320.32 million. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. Cirrus Logic’s revenue was up 23.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.44 EPS. On average, equities analysts expect that Cirrus Logic will post $4.74 earnings per share for the current fiscal year.
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In other Cirrus Logic news, Director William D. Sherman sold 1,378 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $61.84, for a total transaction of $85,215.52. Following the transaction, the director now directly owns 7,307 shares in the company, valued at $451,864.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christine King sold 5,000 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $57.42, for a total value of $287,100.00. Following the transaction, the director now owns 16,182 shares in the company, valued at $929,170.44. The disclosure for this sale can be found here. Insiders sold 104,666 shares of company stock worth $5,914,243 in the last ninety days. 1.92% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of CRUS. Vanguard Group Inc. raised its holdings in shares of Cirrus Logic by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 7,057,091 shares of the semiconductor company’s stock valued at $428,295,000 after buying an additional 502,335 shares during the period. BlackRock Inc. lifted its stake in Cirrus Logic by 20,057.8% during the 1st quarter. BlackRock Inc. now owns 6,973,982 shares of the semiconductor company’s stock worth $423,252,000 after acquiring an additional 6,939,385 shares in the last quarter. LSV Asset Management lifted its stake in Cirrus Logic by 27.3% during the 2nd quarter. LSV Asset Management now owns 2,597,827 shares of the semiconductor company’s stock worth $162,935,000 after acquiring an additional 557,048 shares in the last quarter. State Street Corp lifted its stake in Cirrus Logic by 2.2% during the 2nd quarter. State Street Corp now owns 2,274,959 shares of the semiconductor company’s stock worth $142,688,000 after acquiring an additional 48,716 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in Cirrus Logic by 103.5% during the 1st quarter. AQR Capital Management LLC now owns 2,015,030 shares of the semiconductor company’s stock worth $122,292,000 after acquiring an additional 1,024,836 shares in the last quarter. 89.08% of the stock is owned by institutional investors and hedge funds.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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