Barclays Increases Cirrus Logic (NASDAQ:CRUS) Price Target to $140.00

Cirrus Logic (NASDAQ:CRUS) had its target price upped by stock analysts at Barclays from $110.00 to $140.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. Barclays‘s target price suggests a potential upside of 12.48% from the stock’s previous close.

Several other research firms have also recently weighed in on CRUS. KeyCorp raised their target price on shares of Cirrus Logic from $120.00 to $155.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. TD Cowen raised their price target on shares of Cirrus Logic from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Stifel Nicolaus raised their price target on shares of Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Susquehanna raised their price target on shares of Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, July 17th. Finally, Benchmark downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $141.67.

Cirrus Logic Stock Up 7.9 %

Shares of NASDAQ CRUS traded up $9.16 during midday trading on Wednesday, hitting $124.47. The stock had a trading volume of 628,761 shares, compared to its average volume of 460,961. The business’s 50 day moving average is $126.56 and its 200-day moving average is $104.23. The company has a market cap of $6.65 billion, a P/E ratio of 25.67 and a beta of 0.94. Cirrus Logic has a 52 week low of $65.02 and a 52 week high of $142.83.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.50. The company had revenue of $374.03 million for the quarter, compared to the consensus estimate of $318.41 million. Cirrus Logic had a net margin of 15.35% and a return on equity of 16.49%. The firm’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.35 earnings per share. As a group, analysts expect that Cirrus Logic will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Scott Thomas sold 11,706 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $120.72, for a total value of $1,413,148.32. Following the completion of the transaction, the senior vice president now directly owns 23,975 shares in the company, valued at approximately $2,894,262. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Scott Thomas sold 11,706 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $120.72, for a total transaction of $1,413,148.32. Following the completion of the sale, the senior vice president now owns 23,975 shares of the company’s stock, valued at $2,894,262. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $115.85, for a total transaction of $115,850.00. Following the sale, the director now directly owns 19,332 shares of the company’s stock, valued at approximately $2,239,612.20. The disclosure for this sale can be found here. Insiders sold 18,706 shares of company stock worth $2,187,098 in the last three months. Corporate insiders own 1.02% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Cirrus Logic during the fourth quarter worth about $51,890,000. Balyasny Asset Management L.P. increased its holdings in shares of Cirrus Logic by 307.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock valued at $58,777,000 after acquiring an additional 533,019 shares during the period. LSV Asset Management grew its position in Cirrus Logic by 34.6% in the 2nd quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock valued at $241,340,000 after buying an additional 486,086 shares during the last quarter. Kodai Capital Management LP purchased a new position in Cirrus Logic in the 4th quarter valued at $27,072,000. Finally, Acadian Asset Management LLC boosted its position in shares of Cirrus Logic by 68.6% during the 1st quarter. Acadian Asset Management LLC now owns 460,681 shares of the semiconductor company’s stock worth $42,619,000 after purchasing an additional 187,438 shares in the last quarter. Institutional investors and hedge funds 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.