Cirrus Logic (NASDAQ:CRUS) Price Target Raised to $163.00

Cirrus Logic (NASDAQ:CRUS) had its target price lifted by Stifel Nicolaus from $150.00 to $163.00 in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The firm currently has a buy rating on the semiconductor company’s stock.

A number of other research analysts have also recently commented on the company. Benchmark raised their price target on Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday. Wall Street Zen downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Monday, December 29th. Barclays increased their price target on shares of Cirrus Logic from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Williams Trading set a $150.00 price objective on shares of Cirrus Logic in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $145.43.

Cirrus Logic Trading Up 1.9%

NASDAQ CRUS opened at $142.78 on Wednesday. The company has a market cap of $7.28 billion, a price-to-earnings ratio of 18.81 and a beta of 1.12. The company has a 50 day moving average of $124.39 and a 200-day moving average of $120.16. Cirrus Logic has a 1-year low of $75.83 and a 1-year high of $144.76.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Tuesday, February 3rd. The semiconductor company reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.60. The firm had revenue of $580.62 million for the quarter, compared to analyst estimates of $531.43 million. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the company earned $2.51 EPS. On average, equities research analysts forecast that Cirrus Logic will post 5.63 earnings per share for the current year.

Insider Activity at Cirrus Logic

In other news, CEO John Forsyth sold 21,806 shares of the stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total value of $2,947,080.90. Following the completion of the transaction, the chief executive officer directly owned 50,723 shares in the company, valued at approximately $6,855,213.45. This represents a 30.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Andrew Brannan sold 8,913 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $708,407. This trade represents a 59.97% decrease in their position. The SEC filing for this sale provides additional information. 1.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cirrus Logic

Several large investors have recently bought and sold shares of the company. Hantz Financial Services Inc. grew its holdings in shares of Cirrus Logic by 1,660.0% during the second quarter. Hantz Financial Services Inc. now owns 264 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 249 shares during the last quarter. RMG Wealth Management LLC acquired a new stake in Cirrus Logic during the 2nd quarter worth approximately $30,000. Ameritas Advisory Services LLC bought a new stake in Cirrus Logic during the 2nd quarter worth approximately $31,000. Kohmann Bosshard Financial Services LLC acquired a new position in Cirrus Logic in the 4th quarter valued at approximately $33,000. Finally, Torren Management LLC bought a new position in shares of Cirrus Logic during the fourth quarter valued at $35,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Company Profile

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.