Cirrus Logic (NASDAQ:CRUS) Stock Price Up 4.3% After Analyst Upgrade

Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price shot up 4.3% on Tuesday after KeyCorp raised their price target on the stock from $120.00 to $155.00. KeyCorp currently has an overweight rating on the stock. Cirrus Logic traded as high as $137.25 and last traded at $136.10. 40,327 shares were traded during trading, a decline of 91% from the average session volume of 446,293 shares. The stock had previously closed at $130.43.

CRUS has been the topic of several other reports. StockNews.com lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 2nd. Susquehanna boosted their price target on shares of Cirrus Logic from $100.00 to $120.00 and gave the company a “positive” rating in a research report on Wednesday, May 8th. Benchmark lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Stifel Nicolaus upped their target price on shares of Cirrus Logic from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, Barclays upped their target price on shares of Cirrus Logic from $95.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $112.86.

Insider Buying and Selling at Cirrus Logic

In other news, SVP Justin E. Dougherty sold 4,000 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $107.85, for a total transaction of $431,400.00. Following the completion of the sale, the senior vice president now owns 5,838 shares of the company’s stock, valued at $629,628.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction on Monday, May 20th. The shares were sold at an average price of $113.35, for a total transaction of $226,700.00. Following the completion of the transaction, the vice president now owns 38,507 shares in the company, valued at $4,364,768.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Justin E. Dougherty sold 4,000 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $107.85, for a total transaction of $431,400.00. Following the transaction, the senior vice president now owns 5,838 shares of the company’s stock, valued at approximately $629,628.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,706 shares of company stock valued at $2,187,098. Corporate insiders own 1.02% of the company’s stock.

Institutional Trading of Cirrus Logic

A number of large investors have recently added to or reduced their stakes in CRUS. Diversified Trust Co acquired a new stake in Cirrus Logic in the third quarter valued at $450,000. Teachers Retirement System of The State of Kentucky lifted its stake in Cirrus Logic by 30.1% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 39,327 shares of the semiconductor company’s stock valued at $2,908,000 after acquiring an additional 9,105 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Cirrus Logic by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 6,299,658 shares of the semiconductor company’s stock worth $465,923,000 after buying an additional 105,577 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth about $173,000. Finally, Pacer Advisors Inc. lifted its stake in shares of Cirrus Logic by 76.8% during the 4th quarter. Pacer Advisors Inc. now owns 8,102 shares of the semiconductor company’s stock worth $674,000 after buying an additional 3,520 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Trading Up 0.8 %

The business’s 50 day moving average price is $117.32 and its 200-day moving average price is $97.40. The company has a market cap of $7.30 billion, a price-to-earnings ratio of 27.71 and a beta of 0.94.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.48. Cirrus Logic had a net margin of 15.35% and a return on equity of 16.49%. The business had revenue of $371.83 million for the quarter, compared to analyst estimates of $320.14 million. Equities research analysts forecast that Cirrus Logic, Inc. will post 4.75 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 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.