Cirrus Logic’s (CRUS) Buy Rating Reaffirmed at Needham & Company LLC
Cirrus Logic, Inc. (NASDAQ:CRUS)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a note issued to investors on Friday. They currently have a $80.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price target points to a potential upside of 41.19% from the company’s current price.
CRUS has been the subject of a number of other research reports. Stifel Nicolaus restated a “buy” rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research note on Tuesday, October 3rd. BidaskClub lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 2nd. Craig Hallum reiterated a “hold” rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. Finally, KeyCorp reiterated an “overweight” rating on shares of Cirrus Logic in a research note on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $67.05.
Shares of Cirrus Logic (CRUS) traded up $0.66 during mid-day trading on Friday, reaching $56.66. The company had a trading volume of 1,556,546 shares, compared to its average volume of 812,389. The company has a market cap of $3.61 billion, a PE ratio of 12.94 and a beta of 0.05.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.16. The company had revenue of $425.50 million during the quarter, compared to analyst estimates of $410.32 million. Cirrus Logic had a return on equity of 25.71% and a net margin of 17.11%. The firm’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter last year, the business posted $1.35 EPS. equities research analysts anticipate that Cirrus Logic will post 4.25 EPS for the current year.
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In related news, Director Christine King sold 5,000 shares of Cirrus Logic stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $56.31, for a total value of $281,550.00. Following the completion of the transaction, the director now owns 16,182 shares in the company, valued at approximately $911,208.42. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Alan R. Schuele sold 2,000 shares of Cirrus Logic stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $57.30, for a total value of $114,600.00. Following the completion of the transaction, the director now owns 14,165 shares of the company’s stock, valued at approximately $811,654.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,309 shares of company stock valued at $6,101,096. 1.92% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Fortaleza Asset Management Inc. acquired a new stake in Cirrus Logic in the 2nd quarter worth about $102,000. ETRADE Capital Management LLC acquired a new position in shares of Cirrus Logic during the 2nd quarter worth approximately $201,000. Sapphire Star Partners LP acquired a new position in shares of Cirrus Logic during the 3rd quarter worth approximately $211,000. Private Advisor Group LLC acquired a new position in shares of Cirrus Logic during the 2nd quarter worth approximately $215,000. Finally, Turner Investments LLC acquired a new position in shares of Cirrus Logic during the 2nd quarter worth approximately $220,000. Hedge funds and other institutional investors own 89.48% of the company’s stock.
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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