Shares of Cirrus Logic, Inc. (NASDAQ:CRUS – Get Free Report) hit a new 52-week high on Wednesday after StockNews.com upgraded the stock from a buy rating to a strong-buy rating. The stock traded as high as $103.02 and last traded at $103.02, with a volume of 15368 shares trading hands. The stock had previously closed at $91.13.
A number of other equities analysts have also weighed in on the stock. KeyCorp lifted their price objective on shares of Cirrus Logic from $100.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday. TheStreet upgraded shares of Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. Stifel Nicolaus lifted their price objective on Cirrus Logic from $100.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday. Susquehanna increased their target price on Cirrus Logic from $100.00 to $120.00 and gave the stock a “positive” rating in a research note on Wednesday. Finally, TD Cowen lifted their price target on Cirrus Logic from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday. Six 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 stock presently has an average rating of “Buy” and a consensus price target of $107.86.
View Our Latest Report on CRUS
Insider Buying and Selling
Hedge Funds Weigh In On Cirrus Logic
Several hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Cirrus Logic in the fourth quarter valued at $51,890,000. Balyasny Asset Management L.P. grew its holdings in shares of Cirrus Logic by 307.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock worth $58,777,000 after buying an additional 533,019 shares in the last quarter. FMR LLC grew its holdings in shares of Cirrus Logic by 4.5% during the third quarter. FMR LLC now owns 7,552,630 shares of the semiconductor company’s stock worth $558,593,000 after buying an additional 327,269 shares in the last quarter. Kodai Capital Management LP acquired a new position in shares of Cirrus Logic in the fourth quarter valued at approximately $27,072,000. Finally, Kettle Hill Capital Management LLC purchased a new position in shares of Cirrus Logic during the third quarter valued at approximately $14,442,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.
Cirrus Logic Price Performance
The stock has a market cap of $5.51 billion, a price-to-earnings ratio of 32.46 and a beta of 0.99. The stock’s 50-day moving average is $89.88 and its 200-day moving average is $83.31.
Cirrus Logic (NASDAQ:CRUS – Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $2.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.83. The company had revenue of $618.98 million for the quarter, compared to analyst estimates of $539.55 million. Cirrus Logic had a return on equity of 16.13% and a net margin of 9.84%. Analysts predict that Cirrus Logic, Inc. will post 4.79 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 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.
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