Cirrus Logic (NASDAQ:CRUS) Reaches New 52-Week High – Here’s Why

Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $146.88 and last traded at $143.2750, with a volume of 48862 shares traded. The stock had previously closed at $142.08.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CRUS shares. Williams Trading set a $150.00 price target on Cirrus Logic in a report on Wednesday, November 5th. Benchmark lifted their target price on Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a report on Monday, December 29th. Stifel Nicolaus increased their price target on Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Finally, 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 note on Monday, February 2nd. One investment 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 MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $145.43.

Cirrus Logic Stock Up 1.2%

The company has a market cap of $7.29 billion, a price-to-earnings ratio of 18.26 and a beta of 1.12. The business has a fifty day simple moving average of $126.01 and a 200 day simple moving average of $121.24.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.37 by $0.60. The business 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%. The business’s revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.51 EPS. Equities analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In related news, CEO John Forsyth sold 21,806 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $6,855,213.45. This trade represents a 30.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Royal Bank of Canada boosted its position in shares of Cirrus Logic by 92.3% in the 1st quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock worth $7,189,000 after buying an additional 34,629 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Cirrus Logic by 24.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 263 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Cirrus Logic by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock valued at $21,372,000 after purchasing an additional 9,658 shares during the last quarter. Focus Partners Wealth purchased a new position in shares of Cirrus Logic during the 1st quarter worth approximately $361,000. Finally, Geneos Wealth Management Inc. raised its position in shares of Cirrus Logic by 95.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 232 shares during the last quarter. Hedge funds and other institutional investors 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.