A number of other equities analysts also recently commented on the stock. BidaskClub downgraded shares of Cirrus Logic from a sell rating to a strong sell rating in a research note on Thursday, October 4th. ValuEngine downgraded shares of Cirrus Logic from a sell rating to a strong sell rating in a research note on Friday, August 3rd. Bank of America raised their target price on shares of Cirrus Logic from $28.00 to $33.00 and gave the company an underperform rating in a research note on Thursday, August 2nd. Zacks Investment Research raised shares of Cirrus Logic from a hold rating to a buy rating and set a $48.00 target price on the stock in a research note on Tuesday, August 7th. Finally, Craig Hallum raised their target price on shares of Cirrus Logic from $43.00 to $51.00 and gave the company a buy rating in a research note on Thursday, August 2nd. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $47.88.
NASDAQ:CRUS opened at $41.37 on Thursday. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 11.21, a P/E/G ratio of 1.13 and a beta of 0.45. Cirrus Logic has a fifty-two week low of $34.49 and a fifty-two week high of $57.55.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Thursday, November 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.34. Cirrus Logic had a net margin of 7.09% and a return on equity of 15.55%. The company had revenue of $366.30 million for the quarter, compared to the consensus estimate of $330.27 million. During the same quarter last year, the firm posted $1.36 earnings per share. Cirrus Logic’s revenue was down 13.9% on a year-over-year basis. As a group, equities analysts expect that Cirrus Logic will post 2.44 EPS for the current year.
In related news, Director Timothy R. Dehne sold 4,171 shares of the firm’s stock in a transaction on Sunday, August 26th. The shares were sold at an average price of $44.99, for a total transaction of $187,653.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.32% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRUS. Partner Fund Management L.P. acquired a new stake in Cirrus Logic during the 2nd quarter valued at $28,998,000. JPMorgan Chase & Co. grew its holdings in Cirrus Logic by 98.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock valued at $51,271,000 after purchasing an additional 657,662 shares in the last quarter. BlackRock Inc. grew its holdings in Cirrus Logic by 7.8% during the 2nd quarter. BlackRock Inc. now owns 8,486,370 shares of the semiconductor company’s stock valued at $325,283,000 after purchasing an additional 610,960 shares in the last quarter. Prudential Financial Inc. grew its holdings in Cirrus Logic by 354.3% during the 3rd quarter. Prudential Financial Inc. now owns 388,916 shares of the semiconductor company’s stock valued at $15,012,000 after purchasing an additional 303,317 shares in the last quarter. Finally, Letko Brosseau & Associates Inc. grew its holdings in Cirrus Logic by 58.9% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 628,960 shares of the semiconductor company’s stock valued at $24,108,000 after purchasing an additional 233,060 shares in the last quarter. 89.21% of the stock is owned by institutional investors and hedge funds.
About Cirrus Logic
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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