Cirrus Logic (NASDAQ:CRUS) Reaches New 12-Month High at $72.69

Cirrus Logic, Inc. (NASDAQ:CRUS) shares hit a new 52-week high on Thursday . The company traded as high as $72.69 and last traded at $72.37, with a volume of 19787 shares changing hands. The stock had previously closed at $71.95.

A number of equities research analysts have weighed in on CRUS shares. Dougherty & Co reaffirmed a “buy” rating and issued a $62.00 price objective (up previously from $53.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Needham & Company LLC reissued a “hold” rating on shares of Cirrus Logic in a research note on Monday, August 5th. Barclays raised Cirrus Logic from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $40.00 to $55.00 in a research note on Thursday, October 17th. Bank of America reissued an “underperform” rating and set a $46.00 price target (up previously from $40.00) on shares of Cirrus Logic in a research note on Thursday, August 1st. Finally, ValuEngine lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $61.00.

The company has a 50 day moving average price of $59.86 and a 200 day moving average price of $50.58. The company has a current ratio of 3.38, a quick ratio of 2.63 and a debt-to-equity ratio of 0.11. The firm has a market cap of $4.16 billion, a PE ratio of 35.47, a price-to-earnings-growth ratio of 1.77 and a beta of 0.91.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, October 30th. The semiconductor company reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.61. Cirrus Logic had a net margin of 9.81% and a return on equity of 13.04%. The firm had revenue of $389.00 million during the quarter, compared to analysts’ expectations of $320.37 million. During the same period in the prior year, the company earned $1.08 EPS. The firm’s revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts anticipate that Cirrus Logic, Inc. will post 2.72 earnings per share for the current fiscal year.

In other Cirrus Logic news, Director John C. Carter sold 12,521 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $72.71, for a total value of $910,401.91. Also, VP Scott Arnold Anderson sold 16,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $71.13, for a total transaction of $1,138,080.00. Over the last ninety days, insiders have sold 48,339 shares of company stock valued at $3,134,112. 2.79% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of CRUS. Steward Partners Investment Advisory LLC purchased a new position in Cirrus Logic in the 2nd quarter valued at about $33,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Cirrus Logic during the second quarter worth about $44,000. Meeder Asset Management Inc. raised its stake in Cirrus Logic by 210.6% during the second quarter. Meeder Asset Management Inc. now owns 1,525 shares of the semiconductor company’s stock worth $67,000 after acquiring an additional 1,034 shares during the period. Patriot Financial Group Insurance Agency LLC raised its stake in Cirrus Logic by 160.0% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,300 shares of the semiconductor company’s stock worth $70,000 after acquiring an additional 800 shares during the period. Finally, US Bancorp DE raised its stake in Cirrus Logic by 106.1% during the second quarter. US Bancorp DE now owns 2,117 shares of the semiconductor company’s stock worth $92,000 after acquiring an additional 1,090 shares during the period. 86.49% of the stock is owned by institutional investors.

About Cirrus Logic (NASDAQ:CRUS)

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

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