Cirrus Logic (NASDAQ:CRUS) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cirrus Logic (NASDAQ:CRUS) from a hold rating to a buy rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Several other research firms have also recently weighed in on CRUS. Stifel Nicolaus decreased their target price on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Zacks Research downgraded Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Barclays dropped 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 research note on Thursday, August 6th. KeyCorp dropped their price target on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Finally, Weiss Ratings cut shares of Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 2nd. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $150.71.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $106.33 on Friday. The stock has a market cap of $5.33 billion, a PE ratio of 13.01 and a beta of 1.17. The stock’s fifty day moving average is $117.27 and its two-hundred day moving average is $142.55. Cirrus Logic has a 1-year low of $105.77 and a 1-year high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The business had revenue of $459.72 million during the quarter, compared to analysts’ expectations of $460.32 million. During the same period in the prior year, the firm posted $1.51 EPS. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, research analysts expect that Cirrus Logic will post 7.32 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $119.00, for a total transaction of $138,754.00. Following the transaction, the executive vice president owned 12,907 shares in the company, valued at $1,535,933. This trade represents a 8.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 3,498 shares of company stock valued at $437,786. 1.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cirrus Logic

Several large investors have recently modified their holdings of the company. Coppell Advisory Solutions LLC purchased a new position in shares of Cirrus Logic in the 2nd quarter valued at about $39,000. Public Employees Retirement System of Ohio purchased a new stake in Cirrus Logic during the second quarter worth about $2,859,000. Assenagon Asset Management S.A. boosted its holdings in Cirrus Logic by 37.6% during the second quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company’s stock worth $31,766,000 after buying an additional 58,446 shares in the last quarter. Bank of America Corp DE purchased a new stake in Cirrus Logic during the second quarter worth about $168,329,000. Finally, Quantinno Capital Management LP grew its position in Cirrus Logic by 21.1% during the first quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company’s stock worth $136,262,000 after buying an additional 163,979 shares during the period. 87.96% of the stock is owned by institutional investors and hedge funds.

About Cirrus Logic

Cirrus Logic, Inc is a fabless semiconductor company that develops high-performance, low-power analog and mixed-signal processing solutions. Its technologies are designed to capture, process, and enhance audio and other sensory signals in electronic devices.

The company’s products include audio converters, codecs, amplifiers, digital signal processors, voice-input components, and haptic and sensing solutions. These products are used in smartphones, laptops, tablets, headphones, home audio equipment, automotive systems, and other consumer and industrial applications.

Headquartered in Austin, Texas, Cirrus Logic serves customers globally through a combination of product development, engineering, sales, and support operations.