According to Zacks, “Cirrus Logic Inc. is a premier supplier of high performance analog circuits and advanced mixed-signal chip solutions. The company’s products, sold under its own name and the Crystal product brand, enable system-level applications in mass storage, audio and precision data conversion. (PRESS RELEASE) “
A number of other equities analysts have also recently issued reports on CRUS. Stifel Nicolaus restated a buy rating and issued a $46.00 price objective (up previously from $44.00) on shares of Cirrus Logic in a research report on Wednesday, June 1st. Pacific Crest reiterated an overweight rating and set a $40.00 price target on shares of Cirrus Logic in a research report on Tuesday, June 7th. Canaccord Genuity assumed coverage on shares of Cirrus Logic in a research report on Tuesday, June 21st. They set a buy rating and a $52.00 price target on the stock. Oppenheimer Holdings Inc. reiterated an outperform rating and set a $45.00 price target on shares of Cirrus Logic in a research report on Wednesday, July 27th. Finally, Needham & Company LLC boosted their price target on shares of Cirrus Logic from $50.00 to $55.00 and gave the company a buy rating in a research report on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Cirrus Logic currently has an average rating of Buy and an average target price of $49.10.
Cirrus Logic (NASDAQ:CRUS) opened at 51.51 on Tuesday. The company has a 50-day moving average of $52.01 and a 200 day moving average of $41.27. Cirrus Logic has a 12 month low of $25.09 and a 12 month high of $58.08. The company has a market cap of $3.22 billion, a PE ratio of 31.97 and a beta of 0.44.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.16. Cirrus Logic had a net margin of 9.26% and a return on equity of 14.44%. The firm had revenue of $259.40 million for the quarter, compared to analysts’ expectations of $236.67 million. During the same quarter in the previous year, the company earned $0.54 earnings per share. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. On average, equities analysts forecast that Cirrus Logic will post $3.28 earnings per share for the current fiscal year.
In other news, Director David J. Tupman sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $40.62, for a total value of $60,930.00. Following the transaction, the director now owns 2,500 shares in the company, valued at $101,550. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Andrew Brannan sold 21,498 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $52.14, for a total transaction of $1,120,905.72. Following the completion of the transaction, the vice president now owns 21,498 shares in the company, valued at approximately $1,120,905.72. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRUS. Cortina Asset Management LLC boosted its position in Cirrus Logic by 51.1% in the second quarter. Cortina Asset Management LLC now owns 697,353 shares of the company’s stock valued at $27,050,000 after buying an additional 235,878 shares during the last quarter. Artemis Investment Management LLP bought a new position in Cirrus Logic during the second quarter valued at $15,251,000. Bowling Portfolio Management LLC bought a new position in Cirrus Logic during the first quarter valued at $209,000. Geode Capital Management LLC boosted its position in Cirrus Logic by 0.9% in the first quarter. Geode Capital Management LLC now owns 572,093 shares of the company’s stock valued at $20,829,000 after buying an additional 5,260 shares during the last quarter. Finally, Credit Agricole S A bought a new position in Cirrus Logic during the first quarter valued at $637,000. 89.23% of the stock is owned by hedge funds and other institutional investors.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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