Cirrus Logic, Inc. (NASDAQ:CRUS) Receives $141.67 Average Price Target from Brokerages

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) have been assigned a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $141.6667.

CRUS has been the topic of several recent analyst reports. Wall Street Zen cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a report on Monday, December 15th. KeyCorp raised their target price on Cirrus Logic from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. Zacks Research raised shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 27th. Finally, Stifel Nicolaus raised their price objective on shares of Cirrus Logic from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th.

Insider Activity

In related news, EVP Andrew Brannan sold 8,913 shares of the stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $119.06, for a total value of $1,061,181.78. Following the sale, the executive vice president directly owned 5,950 shares of the company’s stock, valued at approximately $708,407. This represents a 59.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Thomas sold 734 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $131.25, for a total value of $96,337.50. Following the completion of the sale, the executive vice president directly owned 26,307 shares in the company, valued at approximately $3,452,793.75. The trade was a 2.71% decrease in their position. The SEC filing for this sale provides additional information. 1.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Cirrus Logic

Hedge funds have recently modified their holdings of the company. Allworth Financial LP raised its position in shares of Cirrus Logic by 1.9% in the third quarter. Allworth Financial LP now owns 7,055 shares of the semiconductor company’s stock valued at $884,000 after buying an additional 131 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new position in shares of Cirrus Logic during the 3rd quarter worth $306,000. Polar Asset Management Partners Inc. acquired a new stake in shares of Cirrus Logic during the third quarter worth $260,000. Danske Bank A S acquired a new position in Cirrus Logic in the third quarter valued at $1,371,000. Finally, Advisory Services Network LLC purchased a new position in Cirrus Logic during the third quarter worth about $252,000. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $121.14 on Friday. The business has a 50 day simple moving average of $123.13 and a 200-day simple moving average of $115.35. Cirrus Logic has a 12 month low of $75.83 and a 12 month high of $136.92. The stock has a market capitalization of $6.18 billion, a PE ratio of 17.21 and a beta of 1.08.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Tuesday, November 4th. The semiconductor company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.51. The company had revenue of $560.96 million for the quarter, compared to analysts’ expectations of $540.45 million. Cirrus Logic had a net margin of 19.48% and a return on equity of 19.59%. Cirrus Logic’s revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.25 EPS. As a group, equities research analysts anticipate that Cirrus Logic will post 5.63 EPS for the current year.

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.