Cirrus Logic, Inc. (NASDAQ:CRUS) Receives $146.86 Consensus PT from Brokerages

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) have received an average recommendation of “Moderate Buy” from the eight brokerages that are currently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $146.8571.

CRUS has been the topic of several research analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. Barclays upped their price objective on shares of 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 cut shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price objective on the stock. in a research report on Monday, February 2nd. Stifel Nicolaus boosted their target price on Cirrus Logic from $150.00 to $163.00 and gave the company a “buy” rating in a research report on Wednesday, February 4th. Finally, Benchmark raised their price objective on Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th.

Insider Activity

In other news, EVP Scott Thomas sold 3,239 shares of the business’s stock in a transaction that occurred 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 owned 30,393 shares in the company, valued at $4,304,560.59. The trade was a 9.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John Forsyth sold 21,806 shares of the business’s 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 transaction, the chief executive officer directly owned 50,723 shares in the company, valued at approximately $6,855,213.45. This represents a 30.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,045 shares of company stock worth $3,835,300 over the last 90 days. 1.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Cirrus Logic

Several hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased 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 valued at $26,000 after buying an additional 220 shares during the period. Kohmann Bosshard Financial Services LLC bought a new stake in Cirrus Logic in the 4th quarter worth approximately $33,000. Torren Management LLC purchased a new position in shares of Cirrus Logic during the fourth quarter worth approximately $35,000. Kestra Advisory Services LLC bought a new stake in shares of Cirrus Logic in the 4th quarter worth approximately $36,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Cirrus Logic in the 2nd quarter valued at $39,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Stock Performance

Shares of NASDAQ:CRUS opened at $147.13 on Friday. The firm has a market cap of $7.51 billion, a PE ratio of 19.38 and a beta of 1.08. The firm’s fifty day moving average is $138.36 and its 200-day moving average is $128.39. Cirrus Logic has a 52 week low of $75.83 and a 52 week high of $154.90.

Cirrus Logic (NASDAQ:CRUS) last released its 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. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The business had revenue of $580.62 million during the quarter, compared to the consensus estimate of $531.43 million. During the same quarter in the prior year, the firm posted $2.51 EPS. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. Sell-side analysts forecast that Cirrus Logic will post 5.63 EPS for the current year.

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.