Cirrus Logic (NASDAQ:CRUS) Hits New 52-Week High at $117.64

Cirrus Logic, Inc. (NASDAQ:CRUSGet Free Report)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $117.64 and last traded at $117.19, with a volume of 234772 shares changing hands. The stock had previously closed at $114.15.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRUS. StockNews.com downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 16th. Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Barclays boosted their target price on shares of Cirrus Logic from $95.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. KeyCorp boosted their target price on shares of Cirrus Logic from $100.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Finally, Susquehanna boosted their target price on shares of Cirrus Logic from $100.00 to $120.00 and gave the stock a “positive” rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.86.

Get Our Latest Report on Cirrus Logic

Cirrus Logic Stock Down 1.1 %

The stock’s 50-day moving average is $99.06 and its 200 day moving average is $89.41. The stock has a market capitalization of $6.28 billion, a PE ratio of 24.09 and a beta of 0.97.

Cirrus Logic (NASDAQ:CRUSGet Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.48. The business had revenue of $371.83 million during the quarter, compared to the consensus estimate of $320.14 million. Cirrus Logic had a net margin of 15.35% and a return on equity of 16.49%. As a group, equities research analysts forecast that Cirrus Logic, Inc. will post 4.73 EPS for the current year.

Insider Activity at Cirrus Logic

In other news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $115.85, for a total value of $115,850.00. Following the completion of the transaction, the director now owns 19,332 shares in the company, valued at approximately $2,239,612.20. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, SVP Justin E. Dougherty sold 4,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $107.85, for a total value of $431,400.00. Following the sale, the senior vice president now directly owns 5,838 shares in the company, valued at approximately $629,628.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $115.85, for a total transaction of $115,850.00. Following the completion of the sale, the director now owns 19,332 shares in the company, valued at $2,239,612.20. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock worth $773,950 in the last ninety days. 0.89% of the stock is currently owned by insiders.

Institutional Trading of Cirrus Logic

Hedge funds have recently bought and sold shares of the stock. Venturi Wealth Management LLC raised its holdings in shares of Cirrus Logic by 93.7% in the fourth quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 178 shares during the last quarter. Atlas Capital Advisors LLC boosted its position in Cirrus Logic by 103.0% during the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 204 shares during the period. Quadrant Capital Group LLC boosted its position in Cirrus Logic by 72.3% during the fourth quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 214 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Cirrus Logic during the third quarter worth $62,000. Finally, Disciplined Equity Management Inc. bought a new position in Cirrus Logic during the fourth quarter worth $83,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

About Cirrus Logic

(Get Free Report)

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 amplifiers; 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 integrated digital signal processing; 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 for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.

Further Reading

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