Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $92.02 and last traded at $91.65, with a volume of 3277 shares trading hands. The stock had previously closed at $90.38.
Several equities analysts have recently commented on the company. KeyCorp raised Cirrus Logic from a “sector weight” rating to an “overweight” rating and set a $100.00 target price on the stock in a research report on Wednesday. BidaskClub raised Cirrus Logic from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Craig Hallum upped their target price on Cirrus Logic from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, November 3rd. Zacks Investment Research downgraded Cirrus Logic from a “buy” rating to a “hold” rating and set a $73.00 target price on the stock. in a research report on Tuesday, October 6th. Finally, Cowen boosted their price target on Cirrus Logic from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, November 3rd. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $87.67.
The firm has a 50 day simple moving average of $80.58 and a two-hundred day simple moving average of $68.85. The stock has a market capitalization of $5.28 billion, a P/E ratio of 35.18, a PEG ratio of 3.43 and a beta of 0.88.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Saturday, November 7th. The semiconductor company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.36. Cirrus Logic had a return on equity of 14.92% and a net margin of 12.57%. The firm had revenue of $347.33 million during the quarter, compared to analysts’ expectations of $310.18 million. During the same period in the prior year, the company earned $1.55 earnings per share. The company’s quarterly revenue was down 10.7% on a year-over-year basis. As a group, research analysts anticipate that Cirrus Logic, Inc. will post 3.53 EPS for the current year.
In other news, CEO Jason P. Rhode sold 70,317 shares of the company’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $71.72, for a total transaction of $5,043,135.24. Following the completion of the transaction, the chief executive officer now directly owns 276,458 shares in the company, valued at $19,827,567.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John Forsyth sold 2,489 shares of the company’s stock in a transaction on Wednesday, January 6th. The stock was sold at an average price of $89.00, for a total transaction of $221,521.00. Following the transaction, the chief executive officer now owns 4,541 shares of the company’s stock, valued at $404,149. The disclosure for this sale can be found here. Insiders have sold 99,656 shares of company stock valued at $7,305,860 over the last 90 days. Corporate insiders own 1.83% of the company’s stock.
Several large investors have recently made changes to their positions in the company. FMR LLC increased its holdings in shares of Cirrus Logic by 44.0% during the second quarter. FMR LLC now owns 8,016,449 shares of the semiconductor company’s stock worth $495,257,000 after buying an additional 2,449,824 shares in the last quarter. Bank of America Corp DE increased its holdings in Cirrus Logic by 25.2% in the second quarter. Bank of America Corp DE now owns 945,348 shares of the semiconductor company’s stock valued at $58,404,000 after purchasing an additional 190,453 shares during the period. Royce & Associates LP increased its holdings in Cirrus Logic by 0.4% in the third quarter. Royce & Associates LP now owns 783,335 shares of the semiconductor company’s stock valued at $52,836,000 after purchasing an additional 3,304 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in Cirrus Logic by 3.9% in the second quarter. Jacobs Levy Equity Management Inc. now owns 649,289 shares of the semiconductor company’s stock valued at $40,113,000 after purchasing an additional 24,648 shares during the period. Finally, AXA S.A. increased its holdings in Cirrus Logic by 30.0% in the third quarter. AXA S.A. now owns 474,059 shares of the semiconductor company’s stock valued at $31,975,000 after purchasing an additional 109,359 shares during the period. Institutional investors own 85.55% of the company’s stock.
About Cirrus Logic (NASDAQ:CRUS)
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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