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

StockNews.com upgraded shares of Cirrus Logic (NASDAQ:CRUS) from a buy rating to a strong-buy rating in a research note released on Tuesday morning.

A number of other brokerages have also commented on CRUS. Stifel Nicolaus boosted their price target on shares of Cirrus Logic from $110.00 to $165.00 and gave the company a buy rating in a research note on Thursday, July 18th. KeyCorp boosted their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an overweight rating in a research report on Wednesday, August 7th. Barclays raised their price target on shares of Cirrus Logic from $110.00 to $140.00 and gave the company an overweight rating in a research report on Wednesday, August 7th. Finally, Susquehanna boosted their price objective on Cirrus Logic from $120.00 to $175.00 and gave the stock a positive rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $143.33.

Cirrus Logic Price Performance

CRUS stock opened at $119.02 on Tuesday. The company’s 50-day moving average is $131.56 and its 200-day moving average is $117.06. The stock has a market capitalization of $6.36 billion, a PE ratio of 24.14 and a beta of 0.97. Cirrus Logic has a 1 year low of $65.02 and a 1 year high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.50. The business had revenue of $374.03 million for the quarter, compared to analyst estimates of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The company’s quarterly revenue was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 earnings per share. On average, analysts anticipate that Cirrus Logic will post 5.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total transaction of $591,774.00. Following the transaction, the vice president now owns 4,004 shares of the company’s stock, valued at approximately $544,704.16. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, SVP Justin E. Dougherty sold 10,203 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the completion of the transaction, the senior vice president now owns 4,838 shares in the company, valued at $637,212.98. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Andrew Brannan sold 4,350 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the sale, the vice president now owns 4,004 shares of the company’s stock, valued at approximately $544,704.16. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Atlas Capital Advisors LLC lifted its stake in Cirrus Logic by 103.0% in the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 204 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of Cirrus Logic by 1,911.1% in the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock worth $46,000 after acquiring an additional 344 shares during the period. GAMMA Investing LLC grew its position in shares of Cirrus Logic by 79.5% in the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock valued at $61,000 after purchasing an additional 210 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in Cirrus Logic in the 2nd quarter worth about $77,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Cirrus Logic by 52.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company’s stock worth $123,000 after purchasing an additional 329 shares during the period. 87.96% of the stock is owned by institutional investors.

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 amplifiers; 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 integrated digital signal processing; 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 for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.