Cirrus Logic (NASDAQ:CRUS) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Cirrus Logic (NASDAQ:CRUS) from a buy rating to a strong-buy rating in a research report sent to investors on Friday.

CRUS has been the subject of several other reports. Barclays increased their price objective on Cirrus Logic from $90.00 to $95.00 and gave the stock an overweight rating in a research note on Tuesday, January 16th. Stifel Nicolaus increased their price objective on Cirrus Logic from $95.00 to $100.00 and gave the stock a buy rating in a research note on Wednesday, February 7th. TheStreet upgraded Cirrus Logic from a c+ rating to a b- rating in a research note on Tuesday, January 23rd. TD Cowen raised their target price on Cirrus Logic from $90.00 to $100.00 and gave the company an outperform rating in a research note on Wednesday, February 7th. Finally, Susquehanna raised their target price on Cirrus Logic from $85.00 to $100.00 and gave the company a positive rating in a research note on Wednesday, February 7th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $96.43.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $88.56 on Friday. The stock has a market cap of $4.77 billion, a P/E ratio of 28.11 and a beta of 1.00. Cirrus Logic has a one year low of $65.02 and a one year high of $95.87. The stock has a fifty day moving average price of $90.67 and a 200 day moving average price of $81.21.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, February 6th. The semiconductor company reported $2.53 EPS for the quarter, topping the consensus estimate of $1.70 by $0.83. The firm had revenue of $618.98 million during the quarter, compared to analysts’ expectations of $539.55 million. Cirrus Logic had a return on equity of 16.13% and a net margin of 9.84%. Equities research analysts anticipate that Cirrus Logic will post 4.79 EPS for the current year.

Insider Activity at Cirrus Logic

In related news, SVP Justin E. Dougherty sold 3,280 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total value of $299,792.00. Following the transaction, the senior vice president now owns 6,000 shares in the company, valued at $548,400. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cirrus Logic news, SVP Justin E. Dougherty sold 3,280 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total transaction of $299,792.00. Following the transaction, the senior vice president now owns 6,000 shares in the company, valued at $548,400. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Venkatesh Nathamuni sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. Following the transaction, the chief financial officer now owns 1,587 shares in the company, valued at approximately $150,765. The disclosure for this sale can be found here. Insiders have sold a total of 7,530 shares of company stock worth $700,292 over the last 90 days. Insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

Several institutional investors have recently modified their holdings of CRUS. Wellington Management Group LLP lifted its holdings in shares of Cirrus Logic by 183.8% during the 1st quarter. Wellington Management Group LLP now owns 1,972,087 shares of the semiconductor company’s stock valued at $167,214,000 after purchasing an additional 1,277,213 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Cirrus Logic by 1,389.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 840,607 shares of the semiconductor company’s stock valued at $6,004,000 after purchasing an additional 784,161 shares in the last quarter. Norges Bank bought a new position in shares of Cirrus Logic during the 4th quarter valued at about $51,890,000. Balyasny Asset Management L.P. lifted its holdings in shares of Cirrus Logic by 307.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock valued at $58,777,000 after purchasing an additional 533,019 shares in the last quarter. Finally, FMR LLC lifted its holdings in shares of Cirrus Logic by 4.5% during the 3rd quarter. FMR LLC now owns 7,552,630 shares of the semiconductor company’s stock valued at $558,593,000 after purchasing an additional 327,269 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

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 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 processing; boosted amplifiers; 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.