Cirrus Logic (NASDAQ:CRUS) Price Target Cut to $80.00 by Analysts at Barclays

Cirrus Logic (NASDAQ:CRUS - Free Report) had its target price decreased by Barclays from $115.00 to $80.00 in a research report report published on Tuesday morning,Benzinga reports. Barclays currently has an equal weight rating on the semiconductor company's stock.

CRUS has been the subject of several other reports. Stifel Nicolaus lowered their target price on shares of Cirrus Logic from $140.00 to $112.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Benchmark reissued a "buy" rating and issued a $125.00 target price on shares of Cirrus Logic in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $123.86.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock traded up $1.01 during midday trading on Tuesday, reaching $93.41. 400,269 shares of the company's stock traded hands, compared to its average volume of 625,095. The stock has a 50 day moving average of $96.80 and a 200-day moving average of $103.05. Cirrus Logic has a 12 month low of $75.83 and a 12 month high of $147.46. The company has a market cap of $4.96 billion, a PE ratio of 16.95 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. On average, equities analysts anticipate that Cirrus Logic will post 5.63 earnings per share for the current fiscal year.

Insider Activity at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total transaction of $205,100.00. Following the completion of the sale, the executive vice president now owns 8,330 shares in the company, valued at approximately $833,000. This represents a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.02% of the stock is currently owned by insiders.

Institutional Trading of Cirrus Logic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new position in Cirrus Logic in the 3rd quarter worth approximately $941,000. Westside Investment Management Inc. purchased a new stake in shares of Cirrus Logic during the 3rd quarter worth approximately $35,000. Tidal Investments LLC boosted its position in shares of Cirrus Logic by 118.7% during the 3rd quarter. Tidal Investments LLC now owns 14,767 shares of the semiconductor company's stock valued at $1,834,000 after acquiring an additional 8,016 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Cirrus Logic by 60.1% in the third quarter. Franklin Resources Inc. now owns 167,258 shares of the semiconductor company's stock valued at $20,625,000 after purchasing an additional 62,757 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Cirrus Logic by 30.4% during the third quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company's stock valued at $36,811,000 after purchasing an additional 69,006 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

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.