Benchmark began coverage on shares of Cirrus Logic (NASDAQ:CRUS) in a research report released on Thursday, BenzingaRatingsTable reports. The brokerage issued a buy rating and a $62.00 price target on the semiconductor company’s stock.
CRUS has been the subject of several other research reports. Cowen reaffirmed a market perform rating and issued a $56.00 target price (up previously from $48.00) on shares of Cirrus Logic in a research note on Thursday, August 1st. BidaskClub raised Cirrus Logic from a buy rating to a strong-buy rating in a research note on Tuesday, September 10th. Craig Hallum reaffirmed a hold rating and issued a $42.00 target price (up previously from $38.00) on shares of Cirrus Logic in a research note on Thursday, August 1st. Dougherty & Co reaffirmed a buy rating and issued a $62.00 target price (up previously from $53.00) on shares of Cirrus Logic in a research note on Thursday, August 1st. Finally, ValuEngine raised Cirrus Logic from a hold rating to a buy rating in a research note on Tuesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. Cirrus Logic currently has an average rating of Buy and an average target price of $51.44.
Shares of CRUS opened at $55.58 on Thursday. The firm has a market cap of $3.27 billion, a P/E ratio of 27.11, a P/E/G ratio of 1.80 and a beta of 0.90. The stock has a 50 day simple moving average of $53.25 and a two-hundred day simple moving average of $45.58. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.30 and a quick ratio of 3.18. Cirrus Logic has a 1 year low of $31.25 and a 1 year high of $60.00.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, July 31st. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.21. The business had revenue of $238.25 million during the quarter, compared to analyst estimates of $221.08 million. Cirrus Logic had a return on equity of 10.96% and a net margin of 8.46%. Cirrus Logic’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.28 earnings per share. On average, equities analysts anticipate that Cirrus Logic will post 2.08 earnings per share for the current year.
In other Cirrus Logic news, Director Timothy R. Dehne sold 4,583 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $53.15, for a total value of $243,586.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Bradley J. Fluke sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $42.77, for a total value of $342,160.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 166,248 shares of company stock valued at $8,651,159. 2.79% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in CRUS. BlackRock Inc. lifted its position in Cirrus Logic by 9.0% in the second quarter. BlackRock Inc. now owns 8,631,614 shares of the semiconductor company’s stock valued at $377,200,000 after purchasing an additional 714,210 shares during the last quarter. APG Asset Management N.V. lifted its position in Cirrus Logic by 1,125.8% in the second quarter. APG Asset Management N.V. now owns 726,900 shares of the semiconductor company’s stock valued at $27,894,000 after purchasing an additional 667,600 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in Cirrus Logic in the second quarter valued at approximately $12,911,000. Royce & Associates LP lifted its position in Cirrus Logic by 48.0% in the first quarter. Royce & Associates LP now owns 694,702 shares of the semiconductor company’s stock valued at $29,226,000 after purchasing an additional 225,172 shares during the last quarter. Finally, Man Group plc lifted its position in Cirrus Logic by 36.1% in the second quarter. Man Group plc now owns 714,412 shares of the semiconductor company’s stock valued at $31,220,000 after purchasing an additional 189,481 shares during the last quarter. Hedge funds and other institutional investors own 85.87% of the company’s stock.
Cirrus Logic Company Profile
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.
Recommended Story: Holder of Record
Receive News & Ratings for Cirrus Logic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic and related companies with MarketBeat.com's FREE daily email newsletter.