Cirrus Logic (NASDAQ:CRUS) Stock Price Target Lowered at Susquehanna

Cirrus Logic (NASDAQ:CRUS) had its price objective reduced by investment analysts at Susquehanna from $200.00 to $170.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “positive” rating on the semiconductor company’s stock. Susquehanna’s price objective would suggest a potential upside of 53.42% from the company’s current price.

Several other equities analysts have also recently issued reports on CRUS. Barclays cut Cirrus Logic from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $130.00 to $95.00 in a research report on Tuesday. Wall Street Zen cut Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday. Stifel Nicolaus reduced their target price on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, August 6th. KeyCorp lowered shares of Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 15th. Finally, Weiss Ratings upgraded shares of Cirrus Logic from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Cirrus Logic currently has a consensus rating of “Hold” and an average target price of $147.86.

Cirrus Logic Stock Up 2.0%

NASDAQ CRUS opened at $110.81 on Wednesday. Cirrus Logic has a 52-week low of $105.10 and a 52-week high of $180.42. The business’s 50-day moving average price is $115.20 and its 200 day moving average price is $141.05. The firm has a market cap of $5.55 billion, a P/E ratio of 13.56 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.03. The firm had revenue of $459.72 million for the quarter, compared to analysts’ expectations of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.51 EPS. As a group, analysts anticipate that Cirrus Logic will post 7.20 earnings per share for the current year.

Insider Transactions at Cirrus Logic

In other news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $119.00, for a total transaction of $138,754.00. Following the completion of the sale, the executive vice president directly owned 12,907 shares in the company, valued at approximately $1,535,933. This trade represents a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

Several institutional investors have recently modified their holdings of the company. Quadrant Capital Group LLC raised its holdings in shares of Cirrus Logic by 4.5% in the third quarter. Quadrant Capital Group LLC now owns 3,938 shares of the semiconductor company’s stock worth $472,000 after acquiring an additional 170 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Cirrus Logic by 98.9% in the third quarter. Nisa Investment Advisors LLC now owns 1,444 shares of the semiconductor company’s stock valued at $173,000 after acquiring an additional 718 shares in the last quarter. CWA Asset Management Group LLC lifted its position in shares of Cirrus Logic by 0.8% in the third quarter. CWA Asset Management Group LLC now owns 27,455 shares of the semiconductor company’s stock valued at $3,294,000 after acquiring an additional 209 shares in the last quarter. Cordatus Wealth Management LLC purchased a new stake in shares of Cirrus Logic in the third quarter valued at $342,000. Finally, Novem Group lifted its position in shares of Cirrus Logic by 8.9% in the third quarter. Novem Group now owns 6,766 shares of the semiconductor company’s stock valued at $812,000 after acquiring an additional 553 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 is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.