Cirrus Logic, Inc. (NASDAQ:CRUS) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Cirrus Logic has a consensus analyst rating of “Moderate Buy”, with five buy ratings and four hold ratings among the nine firms covering the stock. The average 12-month price target is about $161.71.
• The company recently beat fiscal Q3 earnings and revenue estimates, reporting EPS of $1.95 versus expectations of $1.76 and revenue of $448.52 million versus $442.26 million. Revenue rose 5.7% year over year.
• Shares closed near $162.93, close to their 50-day average and below the 52-week high of $180.42. Insider selling was also notable, with two executives selling shares in recent weeks and insiders reducing holdings by about 30.6% and 18.2%, respectively.

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the nine ratings firms that are presently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $161.7143.

CRUS has been the subject of a number of recent analyst reports. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research note on Thursday, May 7th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Barclays increased their price target on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. KeyCorp increased their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Finally, Zacks Research cut shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $162.93 on Friday. The stock has a market cap of $8.22 billion, a P/E ratio of 20.78 and a beta of 1.15. The company has a fifty day moving average price of $164.91 and a two-hundred day moving average price of $142.50. Cirrus Logic has a one year low of $92.02 and a one year high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts' consensus estimates of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.67 earnings per share. As a group, equities research analysts anticipate that Cirrus Logic will post 8.05 EPS for the current fiscal year.

Insider Activity at Cirrus Logic

In other news, EVP Justin E. Dougherty sold 2,000 shares of the firm's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the sale, the executive vice president owned 4,537 shares in the company, valued at approximately $755,410.50. This trade represents a 30.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of Cirrus Logic stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $168.54, for a total transaction of $658,485.78. Following the completion of the sale, the executive vice president owned 17,575 shares of the company's stock, valued at $2,962,090.50. This trade represents a 18.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 23,149 shares of company stock worth $3,828,401 in the last quarter. 1.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC grew its holdings in shares of Cirrus Logic by 6.2% during the 4th quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company's stock valued at $162,000 after purchasing an additional 80 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company's stock valued at $46,000 after purchasing an additional 88 shares during the last quarter. Kendall Capital Management grew its holdings in shares of Cirrus Logic by 0.9% during the 4th quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company's stock valued at $1,256,000 after purchasing an additional 90 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in shares of Cirrus Logic by 1.7% during the 2nd quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company's stock valued at $598,000 after purchasing an additional 95 shares during the last quarter. Finally, Diversified Trust Co grew its holdings in shares of Cirrus Logic by 1.1% during the 1st quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company's stock valued at $1,316,000 after purchasing an additional 102 shares during the last quarter. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company's product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.