Cirrus Logic (NASDAQ:CRUS) Price Target Raised to $90.00

Cirrus Logic (NASDAQ:CRUS - Get Free Report) had its price target raised by investment analysts at Barclays from $80.00 to $90.00 in a research report issued on Wednesday, MarketBeat.com reports. The firm presently has an "equal weight" rating on the semiconductor company's stock. Barclays's price target suggests a potential downside of 10.49% from the company's previous close.

A number of other analysts have also recently weighed in on CRUS. Stifel Nicolaus lowered their target price on shares of Cirrus Logic from $140.00 to $112.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Benchmark reiterated a "buy" rating and issued a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $128.33.

Cirrus Logic Stock Up 3.1 %

Cirrus Logic stock traded up $2.98 during trading hours on Wednesday, hitting $100.55. The stock had a trading volume of 741,572 shares, compared to its average volume of 628,967. The company has a 50-day moving average of $94.79 and a two-hundred day moving average of $101.39. Cirrus Logic has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The company has a market cap of $5.34 billion, a PE ratio of 18.25 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The business had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. During the same period in the prior year, the company posted $1.24 earnings per share. Cirrus Logic's revenue was up 14.2% on a year-over-year basis. As a group, analysts forecast that Cirrus Logic will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its board has authorized a stock buyback program on Tuesday, May 6th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the semiconductor company to reacquire up to 9.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Castlekeep Investment Advisors LLC bought a new position in Cirrus Logic in the 4th quarter valued at $170,796,000. Allianz Asset Management GmbH increased its stake in shares of Cirrus Logic by 137.2% in the fourth quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company's stock valued at $104,049,000 after buying an additional 604,431 shares in the last quarter. Norges Bank bought a new position in shares of Cirrus Logic in the fourth quarter valued at about $58,723,000. Pacer Advisors Inc. lifted its position in Cirrus Logic by 44.0% during the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company's stock worth $126,247,000 after buying an additional 387,346 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in Cirrus Logic by 139.4% during the 4th quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company's stock worth $58,427,000 after acquiring an additional 341,615 shares during the last quarter. Institutional investors 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.