Cirrus Logic (NASDAQ:CRUS) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Cirrus Logic to “buy” from “hold,” although analysts remain mixed overall: the consensus rating is “hold” with a $150.71 price target.
• Cirrus Logic shares opened at $106.87, near their 12-month low of $106.26 and down substantially from the $180.42 high. The company reported quarterly EPS of $1.84, beating estimates by $0.03, while revenue rose 12.9% year over year to $459.72 million.
• Institutional investors own 87.96% of the stock, with several funds recently increasing their positions. Company insiders, however, sold 3,498 shares worth $437,786 during the last quarter.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other brokerages also recently weighed in on CRUS. Stifel Nicolaus reduced their target price on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Barclays dropped their price target on shares of Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 6th. Zacks Research lowered shares of Cirrus Logic from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. KeyCorp reduced their price objective on shares of Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating for the company in a research report on Thursday, August 6th. Finally, Weiss Ratings downgraded shares of Cirrus Logic from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, October 2nd. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $150.71.

Cirrus Logic Stock Down 5.6%

Shares of Cirrus Logic stock opened at $106.87 on Friday. Cirrus Logic has a twelve month low of $106.26 and a twelve month high of $180.42. The business has a 50-day moving average price of $117.69 and a 200 day moving average price of $142.76. The firm has a market cap of $5.36 billion, a PE ratio of 13.08 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The company had revenue of $459.72 million for the quarter, compared to the consensus estimate of $460.32 million. During the same quarter in the prior year, the business posted $1.51 earnings per share. Cirrus Logic's revenue for the quarter was up 12.9% on a year-over-year basis. On average, sell-side analysts expect that Cirrus Logic will post 7.32 EPS for the current year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $119.00, for a total value of $138,754.00. Following the sale, the executive vice president directly owned 12,907 shares of the company's stock, valued at $1,535,933. The trade was a 8.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 3,498 shares of company stock valued at $437,786 in the last quarter. Company insiders own 1.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Wedmont Private Capital raised its position in shares of Cirrus Logic by 41.0% in the third quarter. Wedmont Private Capital now owns 2,318 shares of the semiconductor company's stock valued at $262,000 after buying an additional 674 shares during the last quarter. GAMMA Investing LLC boosted its position in Cirrus Logic by 3.8% during the third quarter. GAMMA Investing LLC now owns 2,742 shares of the semiconductor company's stock worth $329,000 after acquiring an additional 100 shares during the last quarter. Elevation Wealth Partners LLC grew its stake in Cirrus Logic by 44.1% during the 3rd quarter. Elevation Wealth Partners LLC now owns 425 shares of the semiconductor company's stock valued at $51,000 after acquiring an additional 130 shares in the last quarter. Cim Investment Management Inc. grew its stake in Cirrus Logic by 7.4% during the 2nd quarter. Cim Investment Management Inc. now owns 3,963 shares of the semiconductor company's stock valued at $589,000 after acquiring an additional 274 shares in the last quarter. Finally, QRG Capital Management Inc. raised its holdings in Cirrus Logic by 7.9% in the 2nd quarter. QRG Capital Management Inc. now owns 7,457 shares of the semiconductor company's stock valued at $1,108,000 after acquiring an additional 545 shares during the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Company Profile

Cirrus Logic, Inc is a fabless semiconductor company that develops high-performance, low-power analog and mixed-signal processing solutions. Its technologies are designed to capture, process, and enhance audio and other sensory signals in electronic devices.

The company's products include audio converters, codecs, amplifiers, digital signal processors, voice-input components, and haptic and sensing solutions. These products are used in smartphones, laptops, tablets, headphones, home audio equipment, automotive systems, and other consumer and industrial applications.

Headquartered in Austin, Texas, Cirrus Logic serves customers globally through a combination of product development, engineering, sales, and support operations.

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