Other equities analysts have also issued reports about the stock. MKM Partners upped their target price on shares of Radian Group to $30.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Cowen reiterated a hold rating on shares of PTC Therapeutics in a research report on Thursday, May 2nd. Zacks Investment Research lowered shares of Haynes International from a hold rating to a sell rating in a research report on Wednesday, May 8th. Finally, ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $45.00.
Shares of CRUS stock opened at $43.57 on Thursday. Cirrus Logic has a 1 year low of $31.25 and a 1 year high of $50.12. The business’s 50 day moving average is $41.24. The firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 22.12, a price-to-earnings-growth ratio of 1.97 and a beta of 0.94.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 1st. The semiconductor company reported $0.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.04. Cirrus Logic had a net margin of 7.59% and a return on equity of 10.65%. The company had revenue of $240.44 million for the quarter, compared to analyst estimates of $219.67 million. During the same period in the prior year, the business earned $0.51 earnings per share. Cirrus Logic’s quarterly revenue was down 20.7% on a year-over-year basis. On average, equities research analysts anticipate that Cirrus Logic will post 1.48 EPS for the current year.
In related news, SVP Scott Thomas sold 6,153 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $45.00, for a total value of $276,885.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David J. Tupman sold 1,541 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $49.43, for a total transaction of $76,171.63. The disclosure for this sale can be found here. Corporate insiders own 2.79% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CRUS. Norges Bank acquired a new position in Cirrus Logic in the fourth quarter valued at approximately $33,900,000. BlackRock Inc. increased its stake in Cirrus Logic by 3.3% in the first quarter. BlackRock Inc. now owns 7,917,404 shares of the semiconductor company’s stock valued at $333,085,000 after purchasing an additional 253,505 shares in the last quarter. Millennium Management LLC increased its stake in Cirrus Logic by 219.6% in the fourth quarter. Millennium Management LLC now owns 349,175 shares of the semiconductor company’s stock valued at $11,586,000 after purchasing an additional 239,918 shares in the last quarter. Royce & Associates LP increased its stake in Cirrus Logic by 48.0% in the first quarter. Royce & Associates LP now owns 694,702 shares of the semiconductor company’s stock valued at $29,226,000 after purchasing an additional 225,172 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in Cirrus Logic by 35.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 700,863 shares of the semiconductor company’s stock valued at $29,485,000 after purchasing an additional 184,619 shares in the last quarter. Institutional investors and hedge funds own 84.62% of the company’s stock.
Cirrus Logic Company Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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