Cirrus Logic (NASDAQ:CRUS) Hits New 12-Month High Following Analyst Upgrade

Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price reached a new 52-week high on Wednesday after StockNews.com upgraded the stock from a buy rating to a strong-buy rating. The stock traded as high as $103.02 and last traded at $103.02, with a volume of 15368 shares. The stock had previously closed at $91.13.

A number of other research firms also recently weighed in on CRUS. TD Cowen increased their price target on shares of Cirrus Logic from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday. KeyCorp upped their price target on Cirrus Logic from $100.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday. Barclays increased their price target on Cirrus Logic from $95.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday. Susquehanna raised their price objective on shares of Cirrus Logic from $100.00 to $120.00 and gave the stock a “positive” rating in a report on Wednesday. Finally, Stifel Nicolaus lifted their target price on Cirrus Logic from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $107.86.

Insider Activity

In other news, SVP Justin E. Dougherty sold 3,280 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total transaction of $299,792.00. Following the completion of the transaction, the senior vice president now directly owns 6,000 shares in the company, valued at $548,400. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.89% of the company’s stock.

Institutional Trading of Cirrus Logic

Institutional investors have recently made changes to their positions in the stock. FMR LLC raised its position in Cirrus Logic by 4.5% in the third quarter. FMR LLC now owns 7,552,630 shares of the semiconductor company’s stock worth $558,593,000 after acquiring an additional 327,269 shares in the last quarter. Vanguard Group Inc. lifted its stake in Cirrus Logic by 1.7% during the third quarter. Vanguard Group Inc. now owns 6,299,658 shares of the semiconductor company’s stock valued at $465,923,000 after purchasing an additional 105,577 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in Cirrus Logic by 1.5% during the fourth quarter. Mackenzie Financial Corp now owns 2,485,746 shares of the semiconductor company’s stock worth $206,789,000 after buying an additional 35,722 shares in the last quarter. LSV Asset Management boosted its holdings in Cirrus Logic by 8.3% during the first quarter. LSV Asset Management now owns 1,404,407 shares of the semiconductor company’s stock worth $129,992,000 after buying an additional 107,888 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in Cirrus Logic by 2.9% in the fourth quarter. Wellington Management Group LLP now owns 1,368,475 shares of the semiconductor company’s stock worth $113,843,000 after buying an additional 38,659 shares during the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Price Performance

The company has a fifty day simple moving average of $90.12 and a 200-day simple moving average of $83.45. The company has a market cap of $5.59 billion, a P/E ratio of 32.95 and a beta of 0.99.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, February 6th. The semiconductor company reported $2.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.83. Cirrus Logic had a return on equity of 16.13% and a net margin of 9.84%. The business had revenue of $618.98 million for the quarter, compared to analysts’ expectations of $539.55 million. On average, analysts anticipate that Cirrus Logic, Inc. will post 4.79 EPS for the current year.

Cirrus Logic Company Profile

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 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 digital signal processing; boosted amplifiers; 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.