Cirrus Logic (NASDAQ:CRUS) Price Target Raised to $115.00 at TD Cowen

Cirrus Logic (NASDAQ:CRUS) had its price objective boosted by equities researchers at TD Cowen from $100.00 to $115.00 in a research note issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. TD Cowen’s price target indicates a potential upside of 10.81% from the stock’s previous close.

Several other brokerages have also commented on CRUS. Susquehanna boosted their price target on shares of Cirrus Logic from $85.00 to $100.00 and gave the stock a “positive” rating in a report on Wednesday, February 7th. TheStreet raised shares of Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. StockNews.com lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 20th. Barclays boosted their price objective on Cirrus Logic from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 16th. Finally, Stifel Nicolaus raised their target price on Cirrus Logic from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $107.86.

Cirrus Logic Stock Up 1.5 %

Shares of Cirrus Logic stock opened at $103.78 on Wednesday. The firm has a market cap of $5.59 billion, a PE ratio of 32.95 and a beta of 0.99. The business has a 50-day moving average price of $90.12 and a 200 day moving average price of $83.45. Cirrus Logic has a twelve month low of $65.02 and a twelve month high of $104.16.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $2.53 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $539.55 million. On average, sell-side analysts expect that Cirrus Logic will post 4.79 EPS for the current year.

Insider Activity

In related news, SVP Justin E. Dougherty sold 3,280 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now directly owns 6,000 shares of the company’s stock, valued at approximately $548,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds have recently made changes to their positions in the stock. MQS Management LLC raised its position in Cirrus Logic by 4.0% in the third quarter. MQS Management LLC now owns 4,298 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 164 shares during the period. Truvestments Capital LLC grew its stake in shares of Cirrus Logic by 5.2% in the third quarter. Truvestments Capital LLC now owns 3,462 shares of the semiconductor company’s stock valued at $256,000 after buying an additional 171 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Cirrus Logic by 0.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 26,963 shares of the semiconductor company’s stock valued at $1,994,000 after buying an additional 172 shares during the period. Covestor Ltd lifted its stake in Cirrus Logic by 13.2% during the 3rd quarter. Covestor Ltd now owns 1,492 shares of the semiconductor company’s stock worth $110,000 after acquiring an additional 174 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its stake in Cirrus Logic by 93.7% during the 4th quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 178 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

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.