Susquehanna Trims Cirrus Logic (NASDAQ:CRUS) Target Price to $160.00

Cirrus Logic (NASDAQ:CRUS) had its price target lowered by Susquehanna from $175.00 to $160.00 in a research note published on Monday morning, Benzinga reports. The firm currently has a positive rating on the semiconductor company’s stock.

Several other research analysts have also issued reports on the stock. Barclays lowered shares of Cirrus Logic from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $140.00 to $120.00 in a research note on Thursday, October 10th. StockNews.com lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 9th. KeyCorp raised their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus raised their target price on shares of Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Cirrus Logic currently has a consensus rating of “Moderate Buy” and an average price target of $137.50.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $119.10 on Monday. Cirrus Logic has a 52-week low of $65.02 and a 52-week high of $147.46. The stock has a market cap of $6.37 billion, a price-to-earnings ratio of 24.16 and a beta of 0.96. The firm has a fifty day moving average of $129.69 and a 200-day moving average of $120.29.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.50. The business had revenue of $374.03 million during the quarter, compared to analysts’ expectations of $318.41 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The firm’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter last year, the company posted $0.35 EPS. On average, sell-side analysts predict that Cirrus Logic will post 5.26 earnings per share for the current year.

Insider Activity

In other news, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $131.71, for a total value of $1,343,837.13. Following the sale, the senior vice president now directly owns 4,838 shares in the company, valued at $637,212.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Andrew Brannan sold 4,350 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total transaction of $591,774.00. Following the transaction, the vice president now directly owns 4,004 shares in the company, valued at approximately $544,704.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the transaction, the senior vice president now owns 4,838 shares in the company, valued at approximately $637,212.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cirrus Logic

Institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new position in Cirrus Logic during the third quarter worth $8,878,000. Moody Aldrich Partners LLC bought a new position in Cirrus Logic during the third quarter worth $211,000. Lecap Asset Management Ltd. boosted its position in Cirrus Logic by 316.2% during the third quarter. Lecap Asset Management Ltd. now owns 17,009 shares of the semiconductor company’s stock worth $2,113,000 after purchasing an additional 12,922 shares during the period. Global X Japan Co. Ltd. bought a new position in Cirrus Logic during the third quarter worth $635,000. Finally, Raymond James & Associates boosted its position in Cirrus Logic by 48.4% during the third quarter. Raymond James & Associates now owns 33,459 shares of the semiconductor company’s stock worth $4,156,000 after purchasing an additional 10,919 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.

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 amplifiers; 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 integrated digital signal processing; 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 for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.