Brokerages Set Cirrus Logic, Inc. (NASDAQ:CRUS) Price Target at $160.29

Cirrus Logic, Inc. (NASDAQ:CRUS) has received a consensus recommendation of “Moderate Buy” from the nine analysts that are covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $160.2857.

Several brokerages have recently issued reports on CRUS. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research report on Thursday, May 7th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. KeyCorp reduced their target price on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Justin E. Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total value of $333,000.00. Following the completion of the sale, the executive vice president directly owned 4,537 shares of the company’s stock, valued at approximately $755,410.50. The trade was a 30.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Forsyth sold 5,000 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.41, for a total value of $852,050.00. Following the completion of the transaction, the chief executive officer owned 70,016 shares of the company’s stock, valued at $11,931,426.56. This trade represents a 6.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 23,465 shares of company stock valued at $3,743,219. 1.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cirrus Logic

Hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new stake in Cirrus Logic in the 4th quarter valued at about $69,674,000. Invesco Ltd. lifted its holdings in shares of Cirrus Logic by 133.6% during the 4th quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock worth $76,136,000 after acquiring an additional 367,488 shares during the period. Defiance ETFs LLC purchased a new position in shares of Cirrus Logic during the 4th quarter worth about $38,050,000. Allianz Asset Management GmbH boosted its position in shares of Cirrus Logic by 33.5% in the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after acquiring an additional 269,391 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Cirrus Logic by 127.9% in the fourth quarter. Pacer Advisors Inc. now owns 421,426 shares of the semiconductor company’s stock worth $49,939,000 after acquiring an additional 236,501 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock opened at $127.33 on Friday. Cirrus Logic has a 1 year low of $92.02 and a 1 year high of $180.42. The company has a market capitalization of $6.42 billion, a P/E ratio of 16.24 and a beta of 1.18. The business has a 50 day moving average price of $152.38 and a 200 day moving average price of $149.05.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The firm had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.Cirrus Logic’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.67 EPS. As a group, research analysts expect that Cirrus Logic will post 7.86 EPS for the current fiscal year.

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.