Cirrus Logic, Inc. (NASDAQ:CRUS) Receives Average Rating of “Hold” from Analysts

Cirrus Logic, Inc. (NASDAQ:CRUS) has been given an average rating of “Hold” by the nine ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $150.7143.

Several research firms have commented on CRUS. Zacks Research lowered shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Wall Street Zen lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Finally, Barclays cut their price target on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a report on Thursday, August 6th.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $109.07 on Wednesday. The company has a market cap of $5.47 billion, a PE ratio of 13.35 and a beta of 1.16. Cirrus Logic has a 1 year low of $106.26 and a 1 year high of $180.42. The stock’s 50 day simple moving average is $131.76 and its two-hundred day simple moving average is $147.11.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.81 by $0.03. The firm had revenue of $459.72 million during the quarter, compared to analysts’ expectations of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.51 EPS. Equities research analysts expect that Cirrus Logic will post 7.32 EPS for the current year.

Insider Activity at Cirrus Logic

In other news, EVP Andrew Brannan sold 6,464 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the transaction, the executive vice president owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,458 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $145.97, for a total value of $212,824.26. Following the completion of the sale, the executive vice president owned 16,405 shares in the company, valued at approximately $2,394,637.85. The trade was a 8.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 11,424 shares of company stock valued at $1,644,091 in the last 90 days. Company insiders own 1.20% of the company’s stock.

Institutional Trading of Cirrus Logic

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System boosted its stake in shares of Cirrus Logic by 14,777.9% during the second quarter. California State Teachers Retirement System now owns 8,769,954 shares of the semiconductor company’s stock valued at $1,302,601,000 after purchasing an additional 8,711,008 shares during the period. BlackRock Inc. purchased a new position in Cirrus Logic in the 2nd quarter worth about $840,638,000. Bank of America Corp DE bought a new stake in Cirrus Logic during the 2nd quarter valued at about $168,329,000. Norges Bank bought a new stake in Cirrus Logic during the 4th quarter valued at about $69,674,000. Finally, Caisse de depot et placement du Quebec purchased a new stake in Cirrus Logic in the 2nd quarter valued at about $61,500,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.