Brokerages Set Cirrus Logic, Inc. (NASDAQ:CRUS) PT at $140.00

Cirrus Logic, Inc. (NASDAQ:CRUS) has received an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $137.50.

CRUS has been the topic of several research reports. Barclays lowered shares of Cirrus Logic from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $140.00 to $120.00 in a report on Thursday, October 10th. StockNews.com lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 9th. Susquehanna reduced their target price on shares of Cirrus Logic from $175.00 to $160.00 and set a “positive” rating on the stock in a report on Monday. KeyCorp boosted their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Finally, Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, July 18th.

Insider Activity

In other news, SVP Justin E. Dougherty sold 10,203 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $131.71, for a total value of $1,343,837.13. Following the sale, the senior vice president now directly owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the transaction, the senior vice president now owns 4,838 shares in the company, valued at $637,212.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Andrew Brannan sold 4,350 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total transaction of $591,774.00. Following the transaction, the vice president now owns 4,004 shares in the company, valued at $544,704.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.02% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Atlas Capital Advisors LLC raised its holdings in Cirrus Logic by 103.0% during the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after buying an additional 204 shares during the last quarter. Cardinal Capital Management raised its holdings in Cirrus Logic by 19.3% during the first quarter. Cardinal Capital Management now owns 19,771 shares of the semiconductor company’s stock worth $1,830,000 after buying an additional 3,195 shares during the last quarter. Diversified Trust Co raised its holdings in Cirrus Logic by 8.3% during the first quarter. Diversified Trust Co now owns 9,310 shares of the semiconductor company’s stock worth $862,000 after buying an additional 714 shares during the last quarter. State of Michigan Retirement System raised its holdings in Cirrus Logic by 2.3% during the first quarter. State of Michigan Retirement System now owns 13,241 shares of the semiconductor company’s stock worth $1,226,000 after buying an additional 300 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Cirrus Logic by 2.6% during the first quarter. Principal Financial Group Inc. now owns 203,163 shares of the semiconductor company’s stock worth $18,805,000 after buying an additional 5,203 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Trading Up 1.3 %

Shares of NASDAQ:CRUS opened at $120.70 on Friday. The firm has a 50 day moving average of $129.27 and a 200-day moving average of $120.29. The stock has a market capitalization of $6.45 billion, a PE ratio of 24.48 and a beta of 0.96. Cirrus Logic has a 12 month low of $65.02 and a 12 month high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.50. The company had revenue of $374.03 million for the quarter, compared to analyst estimates of $318.41 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The firm’s revenue was up 18.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.35 EPS. On average, research analysts predict that Cirrus Logic will post 5.26 EPS for the current fiscal year.

About Cirrus Logic

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 amplifiers; 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 integrated digital signal processing; 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 for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.