Wall Street Zen Upgrades Cirrus Logic (NASDAQ:CRUS) to “Buy”

Cirrus Logic (NASDAQ:CRUS) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

Several other equities analysts have also commented on the stock. Weiss Ratings lowered shares of Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 2nd. Zacks Research downgraded shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Stifel Nicolaus reduced their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Barclays decreased their target price on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 6th. Finally, KeyCorp lowered their price target on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cirrus Logic currently has an average rating of “Hold” and a consensus target price of $150.71.

Cirrus Logic Price Performance

Shares of CRUS opened at $106.87 on Friday. The stock has a market capitalization of $5.36 billion, a price-to-earnings ratio of 13.08 and a beta of 1.17. Cirrus Logic has a 1 year low of $106.26 and a 1 year high of $180.42. The business’s 50 day simple moving average is $117.69 and its 200-day simple moving average is $142.81.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The firm had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. During the same period last year, the firm posted $1.51 earnings per share. Cirrus Logic’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, sell-side analysts expect that Cirrus Logic will post 7.32 earnings per share for the current year.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $119.00, for a total transaction of $138,754.00. Following the sale, the executive vice president owned 12,907 shares in the company, valued at approximately $1,535,933. This represents a 8.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 3,498 shares of company stock worth $437,786. Insiders own 1.20% of the company’s stock.

Institutional Trading of Cirrus Logic

A number of institutional investors have recently bought and sold shares of CRUS. Wedmont Private Capital increased its stake in Cirrus Logic by 41.0% in the 3rd quarter. Wedmont Private Capital now owns 2,318 shares of the semiconductor company’s stock worth $262,000 after buying an additional 674 shares during the period. GAMMA Investing LLC boosted its position in Cirrus Logic by 3.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,742 shares of the semiconductor company’s stock valued at $329,000 after buying an additional 100 shares during the period. Elevation Wealth Partners LLC boosted its position in Cirrus Logic by 44.1% in the 3rd quarter. Elevation Wealth Partners LLC now owns 425 shares of the semiconductor company’s stock valued at $51,000 after buying an additional 130 shares during the period. Cim Investment Management Inc. boosted its position in Cirrus Logic by 7.4% in the 2nd quarter. Cim Investment Management Inc. now owns 3,963 shares of the semiconductor company’s stock valued at $589,000 after buying an additional 274 shares during the period. Finally, QRG Capital Management Inc. grew its stake in Cirrus Logic by 7.9% in the 2nd quarter. QRG Capital Management Inc. now owns 7,457 shares of the semiconductor company’s stock worth $1,108,000 after acquiring an additional 545 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Company Profile

Cirrus Logic, Inc is a fabless semiconductor company that develops high-performance, low-power analog and mixed-signal processing solutions. Its technologies are designed to capture, process, and enhance audio and other sensory signals in electronic devices.

The company’s products include audio converters, codecs, amplifiers, digital signal processors, voice-input components, and haptic and sensing solutions. These products are used in smartphones, laptops, tablets, headphones, home audio equipment, automotive systems, and other consumer and industrial applications.

Headquartered in Austin, Texas, Cirrus Logic serves customers globally through a combination of product development, engineering, sales, and support operations.