KeyCorp Raises Cirrus Logic (NASDAQ:CRUS) Price Target to $120.00

Cirrus Logic (NASDAQ:CRUS) had its target price raised by analysts at KeyCorp from $100.00 to $120.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price target points to a potential upside of 20.13% from the company’s current price.

CRUS has been the topic of several other research reports. StockNews.com cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 20th. Stifel Nicolaus boosted their price target on shares of Cirrus Logic from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday. Susquehanna raised their price objective on Cirrus Logic from $100.00 to $120.00 and gave the company a “positive” rating in a research report on Wednesday. TD Cowen lifted their target price on Cirrus Logic from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, TheStreet raised Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cirrus Logic presently has a consensus rating of “Buy” and an average price target of $107.86.

Cirrus Logic Stock Performance

Shares of NASDAQ CRUS traded up $8.76 during trading on Wednesday, hitting $99.89. The company had a trading volume of 1,071,206 shares, compared to its average volume of 421,266. Cirrus Logic has a 12 month low of $65.02 and a 12 month high of $103.30. The firm has a market capitalization of $5.38 billion, a P/E ratio of 31.88 and a beta of 0.99. The stock has a 50 day simple moving average of $89.63 and a 200 day simple moving average of $83.17.

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

Insider Activity at Cirrus Logic

In other Cirrus Logic news, CFO Venkatesh Nathamuni sold 1,000 shares of the business’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 transaction of $95,000.00. Following the sale, the chief financial officer now directly owns 1,587 shares of the company’s stock, valued at $150,765. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Venkatesh Nathamuni sold 1,000 shares of the 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 sale, the chief financial officer now owns 1,587 shares of the company’s stock, valued at $150,765. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Justin E. Dougherty sold 3,280 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total transaction of $299,792.00. Following the completion of the sale, the senior vice president now owns 6,000 shares of the company’s stock, valued at approximately $548,400. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,530 shares of company stock valued at $700,292. Insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. ProShare Advisors LLC boosted its holdings in Cirrus Logic by 16.2% during the 1st quarter. ProShare Advisors LLC now owns 10,382 shares of the semiconductor company’s stock valued at $961,000 after acquiring an additional 1,450 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Cirrus Logic by 10.6% during the first quarter. Russell Investments Group Ltd. now owns 152,321 shares of the semiconductor company’s stock worth $14,087,000 after purchasing an additional 14,656 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Cirrus Logic during the first quarter valued at $302,000. Sei Investments Co. grew its holdings in shares of Cirrus Logic by 6.6% in the first quarter. Sei Investments Co. now owns 696,895 shares of the semiconductor company’s stock worth $64,505,000 after purchasing an additional 42,897 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Cirrus Logic in the 1st quarter worth about $305,000. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

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.