Cirrus Logic (NASDAQ:CRUS) Hits New 12-Month High – What’s Next?

Cirrus Logic, Inc. (NASDAQ:CRUS) reached a new 52-week high during trading on Wednesday . The stock traded as high as $180.42 and last traded at $176.0920, with a volume of 14381 shares traded. The stock had previously closed at $178.30.

Wall Street Analyst Weigh In

Several research analysts have commented on CRUS shares. Loop Capital cut shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 target price for the company. in a research report on Monday, February 2nd. Benchmark upped their target price on shares of Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. KeyCorp upped their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Friday, March 27th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cirrus Logic presently has a consensus rating of “Moderate Buy” and an average target price of $161.71.

Cirrus Logic Price Performance

The stock’s fifty day moving average price is $159.45 and its 200-day moving average price is $138.97. The firm has a market cap of $8.82 billion, a price-to-earnings ratio of 22.24 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The business had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.67 earnings per share. As a group, equities research analysts predict that Cirrus Logic, Inc. will post 8.01 EPS for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Justin E. Dougherty sold 2,000 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total transaction of $333,000.00. Following the transaction, the executive vice president owned 4,537 shares in the company, valued at $755,410.50. This represents a 30.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the sale, the director directly owned 20,531 shares of the company’s stock, valued at approximately $3,264,429. This represents a 4.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 17,942 shares of company stock worth $2,935,864. Company insiders own 1.16% of the company’s stock.

Institutional Trading of Cirrus Logic

Hedge funds have recently bought and sold shares of the stock. Leigh Baldwin & CO. LLC bought a new position in shares of Cirrus Logic during the 1st quarter worth about $223,000. Cim Investment Management Inc. increased its position in shares of Cirrus Logic by 35.0% during the 1st quarter. Cim Investment Management Inc. now owns 3,689 shares of the semiconductor company’s stock worth $534,000 after purchasing an additional 957 shares in the last quarter. Amundi increased its position in Cirrus Logic by 42.0% in the 1st quarter. Amundi now owns 120,738 shares of the semiconductor company’s stock valued at $17,461,000 after acquiring an additional 35,693 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Cirrus Logic by 19.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,443 shares of the semiconductor company’s stock valued at $209,000 after acquiring an additional 232 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in Cirrus Logic by 21.0% in the 1st quarter. California State Teachers Retirement System now owns 58,946 shares of the semiconductor company’s stock valued at $8,525,000 after acquiring an additional 10,222 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

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.