Cirrus Logic (NASDAQ:CRUS) was upgraded by equities research analysts at KeyCorp from a â€œsector weightâ€ rating to an â€œoverweightâ€ rating in a research note issued to investors on Wednesday, AnalystRatings.net reports. The brokerage currently has a $100.00 target price on the semiconductor companyâ€™s stock. KeyCorpâ€™s price target would indicate a potential upside of 9.46% from the companyâ€™s previous close. KeyCorp also issued estimates for Cirrus Logicâ€™s Q1 2022 earnings at $0.47 EPS and Q2 2022 earnings at $1.04 EPS.
A number of other brokerages also recently issued reports on CRUS. Zacks Investment Research downgraded Cirrus Logic from a â€œbuyâ€ rating to a â€œholdâ€ rating and set a $73.00 price target on the stock. in a report on Tuesday, October 6th. Craig Hallum boosted their target price on Cirrus Logic from $70.00 to $80.00 and gave the company a â€œbuyâ€ rating in a research note on Tuesday, November 3rd. Cowen raised their price target on Cirrus Logic from $90.00 to $95.00 and gave the stock an â€œoutperformâ€ rating in a research note on Tuesday, November 3rd. Stifel Nicolaus boosted their price objective on shares of Cirrus Logic from $85.00 to $90.00 and gave the company a â€œbuyâ€ rating in a research report on Tuesday, November 3rd. Finally, BidaskClub raised shares of Cirrus Logic from a â€œholdâ€ rating to a â€œbuyâ€ rating in a research report on Sunday, November 29th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Cirrus Logic has a consensus rating of â€œBuyâ€ and a consensus target price of $84.89.
Shares of NASDAQ CRUS opened at $91.36 on Wednesday. The firmâ€™s fifty day moving average is $80.27 and its 200 day moving average is $68.71. Cirrus Logic has a 52 week low of $47.04 and a 52 week high of $92.14. The company has a market cap of $5.30 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 3.43 and a beta of 0.88.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Saturday, November 7th. The semiconductor company reported $1.26 earnings per share (EPS) for the quarter, topping analystsâ€™ consensus estimates of $0.90 by $0.36. Cirrus Logic had a net margin of 12.57% and a return on equity of 14.92%. The business had revenue of $347.33 million for the quarter, compared to analyst estimates of $310.18 million. During the same quarter last year, the firm earned $1.55 EPS. The companyâ€™s revenue was down 10.7% on a year-over-year basis. As a group, equities analysts predict that Cirrus Logic will post 3.53 EPS for the current year.
In other Cirrus Logic news, CFO Thurman K. Case sold 9,034 shares of the businessâ€™s stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $71.95, for a total value of $649,996.30. Following the sale, the chief financial officer now directly owns 11,555 shares of the companyâ€™s stock, valued at $831,382.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jason P. Rhode sold 70,317 shares of the firmâ€™s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $71.72, for a total value of $5,043,135.24. Following the transaction, the chief executive officer now owns 276,458 shares of the companyâ€™s stock, valued at $19,827,567.76. The disclosure for this sale can be found here. Insiders have sold 97,167 shares of company stock worth $7,084,339 in the last three months. 1.83% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Private Advisor Group LLC purchased a new stake in Cirrus Logic during the 2nd quarter valued at about $25,000. Point72 Hong Kong Ltd purchased a new stake in shares of Cirrus Logic during the third quarter valued at approximately $103,000. Captrust Financial Advisors increased its position in shares of Cirrus Logic by 103.3% during the second quarter. Captrust Financial Advisors now owns 1,911 shares of the semiconductor companyâ€™s stock valued at $115,000 after acquiring an additional 971 shares in the last quarter. First Allied Advisory Services Inc. purchased a new position in Cirrus Logic in the 3rd quarter worth approximately $203,000. Finally, Brandywine Oak Private Wealth LLC bought a new position in Cirrus Logic in the 3rd quarter valued at approximately $206,000. Institutional investors own 85.55% of the companyâ€™s stock.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) in the United States and internationally. It offers portable products, including codecs-chips that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; haptic drivers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that offer enhanced voice quality, voice capture, and audio playback features.
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