Cirrus Logic, Inc. (NASDAQ:CRUS) Receives Consensus Rating of “Buy” from Brokerages

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating) have earned an average rating of “Buy” from the twelve ratings firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $106.08.

A number of brokerages recently weighed in on CRUS. StockNews.com upgraded shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 12th. Stifel Nicolaus increased their price objective on shares of Cirrus Logic from $112.00 to $120.00 in a research report on Wednesday, May 4th. KeyCorp reduced their target price on shares of Cirrus Logic from $120.00 to $105.00 in a report on Wednesday, May 4th. Finally, Benchmark reduced their price objective on shares of Cirrus Logic from $100.00 to $95.00 in a research note on Wednesday, May 4th.

In other Cirrus Logic news, VP Justin E. Dougherty sold 4,039 shares of the stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $80.94, for a total transaction of $326,916.66. Following the completion of the transaction, the vice president now owns 5,673 shares in the company, valued at $459,172.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Friday, May 6th. The shares were sold at an average price of $79.99, for a total transaction of $79,990.00. Following the transaction, the director now owns 17,575 shares of the company’s stock, valued at approximately $1,405,824.25. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its holdings in shares of Cirrus Logic by 183.8% in the 1st quarter. Wellington Management Group LLP now owns 1,972,087 shares of the semiconductor company’s stock worth $167,214,000 after acquiring an additional 1,277,213 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Cirrus Logic by 13.8% in the 4th quarter. BlackRock Inc. now owns 5,910,845 shares of the semiconductor company’s stock worth $543,916,000 after acquiring an additional 716,936 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Cirrus Logic by 40.0% in the 4th quarter. Mackenzie Financial Corp now owns 2,340,305 shares of the semiconductor company’s stock worth $215,355,000 after acquiring an additional 668,514 shares during the last quarter. Norges Bank bought a new stake in shares of Cirrus Logic in the 4th quarter worth about $51,543,000. Finally, American Century Companies Inc. lifted its holdings in Cirrus Logic by 8,122.7% during the 4th quarter. American Century Companies Inc. now owns 426,265 shares of the semiconductor company’s stock valued at $39,225,000 after buying an additional 421,081 shares in the last quarter. Institutional investors and hedge funds own 86.74% of the company’s stock.

Shares of NASDAQ CRUS opened at $70.88 on Tuesday. The firm’s 50 day moving average price is $77.89 and its 200-day moving average price is $83.40. The company has a market cap of $3.96 billion, a PE ratio of 12.84, a P/E/G ratio of 4.67 and a beta of 0.90. Cirrus Logic has a 52-week low of $70.11 and a 52-week high of $95.84.

Cirrus Logic (NASDAQ:CRUS – Get Rating) last issued its earnings results on Tuesday, May 3rd. The semiconductor company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.60. The firm had revenue of $498.97 million for the quarter, compared to the consensus estimate of $420.19 million. Cirrus Logic had a net margin of 18.32% and a return on equity of 23.52%. The business’s revenue was up 70.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 earnings per share. As a group, equities research analysts forecast that Cirrus Logic will post 4.71 earnings per share for the current year.

Cirrus Logic Company Profile (Get Rating)

Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including 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 digital signal processer; boosted amplifiers; 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, hearing augmentation, and active noise cancellation.

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