Cirrus Logic (NASDAQ:CRUS) Sets New 52-Week High at $130.04

Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $130.04 and last traded at $128.68, with a volume of 110281 shares traded. The stock had previously closed at $126.81.

Wall Street Analysts Forecast Growth

CRUS has been the topic of several recent analyst reports. Stifel Nicolaus lifted their price objective on Cirrus Logic from $100.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. TD Cowen upped their price target on shares of Cirrus Logic from $100.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Susquehanna raised their price objective 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. 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 note on Wednesday, May 8th. Finally, KeyCorp lifted their price target on Cirrus Logic from $100.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.86.

Cirrus Logic Trading Up 0.1 %

The company has a market capitalization of $6.79 billion, a price-to-earnings ratio of 25.95 and a beta of 0.97. The stock’s 50 day moving average price is $109.36 and its 200 day moving average price is $94.33.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.36 by $0.48. The firm had revenue of $371.83 million during the quarter, compared to analysts’ expectations of $320.14 million. Cirrus Logic had a return on equity of 16.49% and a net margin of 15.35%. On average, research analysts expect that Cirrus Logic, Inc. will post 4.75 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Cirrus Logic

Several large investors have recently modified their holdings of the stock. Norges Bank bought a new position in Cirrus Logic in the 4th quarter valued at about $51,890,000. Balyasny Asset Management L.P. increased its stake in shares of Cirrus Logic by 307.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock worth $58,777,000 after purchasing an additional 533,019 shares during the period. Kodai Capital Management LP acquired a new stake in Cirrus Logic during the 4th quarter worth approximately $27,072,000. Kettle Hill Capital Management LLC bought a new stake in Cirrus Logic in the 3rd quarter valued at $14,442,000. Finally, Acadian Asset Management LLC grew its holdings in Cirrus Logic by 68.6% in the 1st quarter. Acadian Asset Management LLC now owns 460,681 shares of the semiconductor company’s stock valued at $42,619,000 after buying an additional 187,438 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

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.