Cirrus Logic (NASDAQ:CRUS) Raised to “Equal Weight” at Barclays

Barclays upgraded shares of Cirrus Logic (NASDAQ:CRUS) from an underweight rating to an equal weight rating in a research report released on Thursday, BenzingaRatingsTable reports. The firm currently has $55.00 price target on the semiconductor company’s stock, up from their previous price target of $40.00.

Other analysts have also recently issued reports about the stock. Bank of America reaffirmed an underperform rating and set a $46.00 target price (up from $40.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Craig Hallum reaffirmed a hold rating and set a $42.00 target price (up from $38.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Cowen reaffirmed a market perform rating and set a $56.00 target price (up from $48.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Stifel Nicolaus upped their target price on shares of Cirrus Logic from $53.00 to $54.00 and gave the company a buy rating in a report on Thursday, August 1st. Finally, Dougherty & Co reaffirmed a buy rating and set a $62.00 target price (up from $53.00) on shares of Cirrus Logic in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Cirrus Logic has a consensus rating of Buy and an average target price of $54.22.

Cirrus Logic stock traded down $0.40 during midday trading on Thursday, reaching $56.04. 330,427 shares of the company traded hands, compared to its average volume of 579,966. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of 27.34, a price-to-earnings-growth ratio of 1.81 and a beta of 0.85. The business has a 50 day moving average of $54.47 and a two-hundred day moving average of $47.93. Cirrus Logic has a 12 month low of $31.25 and a 12 month high of $60.00. 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 (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.21. Cirrus Logic had a net margin of 8.46% and a return on equity of 10.96%. The company had revenue of $238.25 million for the quarter, compared to the consensus estimate of $221.08 million. During the same quarter in the prior year, the firm earned $0.28 earnings per share. The firm’s revenue for the quarter was down 6.4% compared to the same quarter last year. As a group, equities analysts forecast that Cirrus Logic will post 2.08 EPS for the current year.

In other news, CFO Thurman K. Case sold 5,000 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.34, for a total value of $261,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy R. Dehne sold 4,583 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $53.15, for a total transaction of $243,586.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 166,248 shares of company stock valued at $8,651,159. Corporate insiders own 2.79% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC purchased a new stake in shares of Cirrus Logic in the second quarter worth $33,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Cirrus Logic during the second quarter valued at $44,000. Meeder Asset Management Inc. grew its stake in Cirrus Logic by 210.6% during the second quarter. Meeder Asset Management Inc. now owns 1,525 shares of the semiconductor company’s stock valued at $67,000 after acquiring an additional 1,034 shares in the last quarter. US Bancorp DE grew its stake in Cirrus Logic by 106.1% during the second quarter. US Bancorp DE now owns 2,117 shares of the semiconductor company’s stock valued at $92,000 after acquiring an additional 1,090 shares in the last quarter. Finally, Convergence Investment Partners LLC purchased a new position in Cirrus Logic during the second quarter valued at $248,000. 85.94% of the stock is owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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