Barclays Trims Cirrus Logic (NASDAQ:CRUS) Target Price to $85.00

Cirrus Logic (NASDAQ:CRUSGet Rating) had its price objective reduced by Barclays from $90.00 to $85.00 in a research note released on Thursday, The Fly reports. Barclays currently has an overweight rating on the semiconductor company’s stock.

A number of other analysts also recently issued reports on the company. Needham & Company LLC raised their target price on Cirrus Logic from $73.00 to $85.00 and gave the stock a buy rating in a research report on Wednesday, November 2nd. Susquehanna Bancshares decreased their target price on Cirrus Logic to $110.00 in a research report on Monday, July 25th. Benchmark decreased their target price on Cirrus Logic from $95.00 to $86.00 in a research report on Wednesday, November 2nd. Cowen raised their target price on Cirrus Logic from $90.00 to $100.00 in a research report on Wednesday, August 3rd. Finally, StockNews.com began coverage on Cirrus Logic in a research report on Wednesday, October 12th. They issued a buy rating for the company. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $96.78.

Cirrus Logic Trading Up 3.2 %

Shares of Cirrus Logic stock opened at $76.70 on Thursday. The business’s fifty day simple moving average is $70.76 and its 200 day simple moving average is $75.77. Cirrus Logic has a 12 month low of $61.94 and a 12 month high of $95.84. The firm has a market capitalization of $4.22 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 4.41 and a beta of 0.96.

Cirrus Logic declared that its Board of Directors has authorized a stock buyback plan on Tuesday, August 2nd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 10.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Cirrus Logic

Several hedge funds have recently made changes to their positions in the stock. Glenmede Trust Co. NA grew its position in shares of Cirrus Logic by 72.8% in the third quarter. Glenmede Trust Co. NA now owns 25,481 shares of the semiconductor company’s stock valued at $1,752,000 after purchasing an additional 10,736 shares in the last quarter. Captrust Financial Advisors grew its position in Cirrus Logic by 87.1% during the third quarter. Captrust Financial Advisors now owns 5,797 shares of the semiconductor company’s stock worth $399,000 after buying an additional 2,699 shares in the last quarter. Balyasny Asset Management LLC purchased a new position in Cirrus Logic during the third quarter worth about $46,728,000. Covington Capital Management grew its position in Cirrus Logic by 100.0% during the third quarter. Covington Capital Management now owns 400 shares of the semiconductor company’s stock worth $28,000 after buying an additional 200 shares in the last quarter. Finally, Neuberger Berman Group LLC purchased a new position in Cirrus Logic during the third quarter worth about $264,000. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

About Cirrus Logic

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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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