Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating)’s share price gapped down prior to trading on Friday after TD Cowen lowered their price target on the stock from $110.00 to $100.00. The stock had previously closed at $82.33, but opened at $78.90. TD Cowen currently has an outperform rating on the stock. Cirrus Logic shares last traded at $77.85, with a volume of 263,372 shares trading hands.
Several other equities analysts have also commented on the company. Cowen upped their target price on Cirrus Logic from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, February 3rd. StockNews.com started coverage on Cirrus Logic in a report on Thursday, March 16th. They set a “buy” rating for the company. Benchmark upped their target price on Cirrus Logic from $86.00 to $110.00 and gave the company a “buy” rating in a report on Friday, February 3rd. Susquehanna upped their target price on Cirrus Logic from $105.00 to $110.00 and gave the company a “positive” rating in a report on Friday, February 3rd. Finally, Needham & Company LLC upped their target price on Cirrus Logic from $85.00 to $110.00 and gave the company a “buy” rating in a report on Friday, February 3rd. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $104.17.
Insider Transactions at Cirrus Logic
In other Cirrus Logic news, Director Timothy R. Dehne sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $101.63, for a total value of $101,630.00. Following the completion of the sale, the director now directly owns 16,314 shares in the company, valued at $1,657,991.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Carl Jackson Alberty sold 1,998 shares of the stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $105.45, for a total transaction of $210,689.10. Following the completion of the sale, the vice president now owns 36,436 shares in the company, valued at approximately $3,842,176.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy R. Dehne sold 1,000 shares of the stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $101.63, for a total value of $101,630.00. Following the sale, the director now owns 16,314 shares of the company’s stock, valued at approximately $1,657,991.82. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,701 shares of company stock worth $6,197,807. Company insiders own 0.89% of the company’s stock.
Institutional Investors Weigh In On Cirrus Logic
A number of institutional investors and hedge funds have recently modified their holdings of CRUS. Denali Advisors LLC raised its stake in Cirrus Logic by 33.3% during the 4th quarter. Denali Advisors LLC now owns 400 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 100 shares during the period. Victory Capital Management Inc. increased its position in Cirrus Logic by 1.1% during the third quarter. Victory Capital Management Inc. now owns 12,416 shares of the semiconductor company’s stock worth $854,000 after buying an additional 138 shares during the last quarter. Treasurer of the State of North Carolina increased its position in Cirrus Logic by 0.6% during the first quarter. Treasurer of the State of North Carolina now owns 26,120 shares of the semiconductor company’s stock worth $2,857,000 after buying an additional 147 shares during the last quarter. MML Investors Services LLC increased its position in Cirrus Logic by 4.9% during the third quarter. MML Investors Services LLC now owns 3,366 shares of the semiconductor company’s stock worth $232,000 after buying an additional 158 shares during the last quarter. Finally, Inspire Investing LLC increased its position in Cirrus Logic by 4.5% during the fourth quarter. Inspire Investing LLC now owns 3,766 shares of the semiconductor company’s stock worth $280,000 after buying an additional 163 shares during the last quarter. Institutional investors and hedge funds own 91.78% of the company’s stock.
Cirrus Logic Price Performance
The stock’s fifty day simple moving average is $98.11 and its 200-day simple moving average is $86.83. The company has a market capitalization of $4.34 billion, a P/E ratio of 14.49, a PEG ratio of 3.73 and a beta of 0.96.
Cirrus Logic (NASDAQ:CRUS – Get Rating) last released its earnings results on Thursday, February 2nd. The semiconductor company reported $2.40 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.41. Cirrus Logic had a net margin of 16.22% and a return on equity of 22.50%. The business had revenue of $590.58 million during the quarter, compared to analysts’ expectations of $543.55 million. During the same quarter last year, the company earned $2.28 earnings per share. The firm’s revenue was up 7.7% on a year-over-year basis. On average, research analysts predict that Cirrus Logic, Inc. will post 5.25 earnings per share for the current year.
About Cirrus Logic
Cirrus Logic, Inc engages in the development of high-precision, analog and mixed-signal integrated circuits for a range of customers. It builds an analog and signal-processing patent portfolio. The firm delivers optimized products for a variety of audio, industrial and energy-related applications. Its product lines include portable audio products and non-portable audio and other products.