Benchmark Reaffirms Buy Rating for Cirrus Logic (NASDAQ:CRUS)

Cirrus Logic (NASDAQ:CRUS)‘s stock had its “buy” rating restated by Benchmark in a report released on Wednesday,Benzinga reports. They currently have a $125.00 price objective on the semiconductor company’s stock. Benchmark’s target price would suggest a potential upside of 25.16% from the stock’s current price.

Several other analysts also recently issued reports on the stock. Barclays lifted their price target on shares of Cirrus Logic from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. StockNews.com raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $132.86.

Cirrus Logic Trading Down 1.2 %

NASDAQ CRUS opened at $99.87 on Wednesday. Cirrus Logic has a 1 year low of $81.30 and a 1 year high of $147.46. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of 18.13 and a beta of 0.89. The firm’s 50 day simple moving average is $103.38 and its 200 day simple moving average is $110.02.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. On average, equities research analysts forecast that Cirrus Logic will post 5.63 earnings per share for the current year.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total transaction of $205,100.00. Following the completion of the transaction, the executive vice president now owns 8,330 shares in the company, valued at $833,000. This represents a 19.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.02% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

Institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in Cirrus Logic by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company’s stock worth $89,527,000 after purchasing an additional 129,457 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Cirrus Logic by 4.7% in the third quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company’s stock worth $141,414,000 after acquiring an additional 50,582 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Cirrus Logic by 30.4% in the third quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company’s stock worth $36,811,000 after acquiring an additional 69,006 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Cirrus Logic in the third quarter worth $2,543,000. Finally, Hancock Whitney Corp purchased a new stake in shares of Cirrus Logic in the third quarter worth $898,000. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

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.