Cirrus Logic (NASDAQ:CRUS) Reaches New 1-Year High on Analyst Upgrade

Cirrus Logic, Inc. (NASDAQ:CRUS) shares hit a new 52-week high during trading on Wednesday after Susquehanna raised their price target on the stock from $100.00 to $120.00. Susquehanna currently has a positive rating on the stock. Cirrus Logic traded as high as $103.02 and last traded at $103.02, with a volume of 15368 shares trading hands. The stock had previously closed at $91.13.

CRUS has been the topic of several other research reports. Barclays boosted their price target on shares of Cirrus Logic from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, January 16th. TheStreet raised Cirrus Logic from a “c+” rating to a “b-” rating in a report on Tuesday, January 23rd. StockNews.com cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 20th. Stifel Nicolaus raised their price objective on shares of Cirrus Logic from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Finally, TD Cowen boosted their price objective on Cirrus Logic from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Cirrus Logic currently has an average rating of “Buy” and a consensus target price of $101.43.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, CFO Venkatesh Nathamuni sold 1,000 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. Following the completion of the sale, the chief financial officer now owns 1,587 shares in the company, valued at $150,765. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, SVP Justin E. Dougherty sold 3,280 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total value of $299,792.00. Following the transaction, the senior vice president now owns 6,000 shares of the company’s stock, valued at $548,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Venkatesh Nathamuni sold 1,000 shares of Cirrus Logic stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. Following the sale, the chief financial officer now directly owns 1,587 shares of the company’s stock, valued at $150,765. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,530 shares of company stock valued at $700,292. Insiders own 0.89% of the company’s stock.

Institutional Trading of Cirrus Logic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Venturi Wealth Management LLC raised its holdings in Cirrus Logic by 93.7% in the 4th quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 178 shares in the last quarter. Atlas Capital Advisors LLC lifted its holdings in shares of Cirrus Logic by 103.0% during the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 204 shares during the period. Quadrant Capital Group LLC boosted its position in shares of Cirrus Logic by 72.3% during the 4th quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 214 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Cirrus Logic by 71.1% during the third quarter. Nisa Investment Advisors LLC now owns 722 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 300 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Cirrus Logic during the 3rd quarter worth $62,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Trading Up 10.0 %

The firm has a 50-day moving average of $89.63 and a two-hundred day moving average of $83.17. The firm has a market capitalization of $5.40 billion, a P/E ratio of 28.93 and a beta of 0.99.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $2.53 EPS for the quarter, beating the consensus estimate of $1.70 by $0.83. The business had revenue of $618.98 million during the quarter, compared to the consensus estimate of $539.55 million. Cirrus Logic had a net margin of 9.84% and a return on equity of 16.13%. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 4.79 EPS for the current fiscal year.

About Cirrus Logic

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 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 digital signal processing; boosted amplifiers; 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.