Cirrus Logic (NASDAQ:CRUS) Lifted to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Cirrus Logic (NASDAQ:CRUS) from a buy rating to a strong-buy rating in a research note issued to investors on Friday morning.

CRUS has been the topic of a number of other reports. Stifel Nicolaus raised their target price on shares of Cirrus Logic from $95.00 to $100.00 and gave the company a buy rating in a research note on Wednesday, February 7th. Susquehanna boosted their target price on Cirrus Logic from $85.00 to $100.00 and gave the stock a positive rating in a research report on Wednesday, February 7th. TheStreet upgraded shares of Cirrus Logic from a c+ rating to a b- rating in a research report on Tuesday, January 23rd. TD Cowen upped their price objective on shares of Cirrus Logic from $90.00 to $100.00 and gave the company an outperform rating in a research note on Wednesday, February 7th. Finally, Barclays lifted their price objective on Cirrus Logic from $90.00 to $95.00 and gave the stock an overweight rating in a report on Tuesday, January 16th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cirrus Logic presently has a consensus rating of Buy and a consensus price target of $96.43.

Cirrus Logic Stock Down 1.8 %

NASDAQ CRUS opened at $86.97 on Friday. Cirrus Logic has a 52 week low of $65.02 and a 52 week high of $95.87. The firm’s 50-day simple moving average is $90.83 and its two-hundred day simple moving average is $81.44. The company has a market cap of $4.69 billion, a PE ratio of 27.61 and a beta of 1.00.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Tuesday, February 6th. The semiconductor company reported $2.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.83. The business had revenue of $618.98 million for the quarter, compared to analyst estimates of $539.55 million. Cirrus Logic had a net margin of 9.84% and a return on equity of 16.13%. As a group, equities research analysts anticipate that Cirrus Logic will post 4.79 EPS for the current year.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, CFO Venkatesh Nathamuni sold 1,000 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,587 shares in the company, valued at approximately $150,765. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Venkatesh Nathamuni sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. Following the completion of the transaction, the chief financial officer now owns 1,587 shares in the company, valued at approximately $150,765. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Justin E. Dougherty sold 3,280 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total value of $299,792.00. Following the completion of the sale, the senior vice president now directly owns 6,000 shares in the company, valued at $548,400. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,530 shares of company stock worth $700,292. 0.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in Cirrus Logic by 183.8% during the first quarter. Wellington Management Group LLP now owns 1,972,087 shares of the semiconductor company’s stock valued at $167,214,000 after purchasing an additional 1,277,213 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Cirrus Logic by 1,389.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 840,607 shares of the semiconductor company’s stock valued at $6,004,000 after purchasing an additional 784,161 shares during the last quarter. Norges Bank bought a new position in shares of Cirrus Logic in the 4th quarter worth approximately $51,890,000. Balyasny Asset Management L.P. boosted its holdings in shares of Cirrus Logic by 307.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock worth $58,777,000 after buying an additional 533,019 shares during the last quarter. Finally, FMR LLC grew its position in Cirrus Logic by 4.5% during the third quarter. FMR LLC now owns 7,552,630 shares of the semiconductor company’s stock valued at $558,593,000 after buying an additional 327,269 shares during the period. Institutional investors own 87.96% of the company’s stock.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power, high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processing; boosted amplifiers; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation.