Cirrus Logic (NASDAQ:CRUS) Upgraded to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Cirrus Logic (NASDAQ:CRUS) from a buy rating to a strong-buy rating in a report published on Wednesday.

A number of other analysts also recently issued reports on the stock. TheStreet raised shares of Cirrus Logic from a c+ rating to a b- rating in a research report on Tuesday, January 23rd. KeyCorp increased their price objective on shares of Cirrus Logic from $100.00 to $120.00 and gave the stock an overweight rating in a research report on Wednesday. Susquehanna raised their target price on shares of Cirrus Logic from $100.00 to $120.00 and gave the company a positive rating in a research note on Wednesday. Stifel Nicolaus upped their price target on shares of Cirrus Logic from $100.00 to $110.00 and gave the stock a buy rating in a research report on Wednesday. Finally, Barclays raised their price objective on Cirrus Logic from $95.00 to $110.00 and gave the company an overweight rating in a research report on Wednesday. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cirrus Logic currently has a consensus rating of Buy and an average target price of $107.86.

Cirrus Logic Stock Up 12.2 %

CRUS stock opened at $102.24 on Wednesday. Cirrus Logic has a 52 week low of $65.02 and a 52 week high of $103.30. The company has a market cap of $5.51 billion, a price-to-earnings ratio of 32.46 and a beta of 0.99. The business has a fifty day simple moving average of $89.88 and a 200-day simple moving average of $83.31.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly 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 company had revenue of $618.98 million during 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%. As a group, analysts expect that Cirrus Logic will post 4.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In other 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 completion of the sale, the senior vice president now directly owns 6,000 shares in the company, valued at $548,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cirrus Logic

A number of institutional investors have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System raised its stake in shares of Cirrus Logic by 13.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 48,030 shares of the semiconductor company’s stock valued at $4,446,000 after purchasing an additional 5,645 shares in the last quarter. Motley Fool Asset Management LLC acquired a new position in Cirrus Logic in the first quarter worth about $376,000. ProShare Advisors LLC increased its holdings in Cirrus Logic by 16.2% in the first quarter. ProShare Advisors LLC now owns 10,382 shares of the semiconductor company’s stock valued at $961,000 after buying an additional 1,450 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Cirrus Logic by 10.6% during the first quarter. Russell Investments Group Ltd. now owns 152,321 shares of the semiconductor company’s stock valued at $14,087,000 after buying an additional 14,656 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in Cirrus Logic during the 1st quarter worth approximately $302,000. 87.96% of the stock is owned by institutional investors and hedge funds.

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.