Cirrus Logic, Inc. (NASDAQ:CRUS) Receives $128.33 Consensus Price Target from Brokerages

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) have been given an average recommendation of "Moderate Buy" by the six ratings firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $128.33.

CRUS has been the subject of several analyst reports. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a report on Wednesday, May 7th. Wall Street Zen cut Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday, June 5th. Barclays raised their price target on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Finally, Benchmark reaffirmed a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday, March 19th.

Insider Transactions at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following the sale, the director owned 20,907 shares in the company, valued at $2,208,197.34. This represents a 4.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of Cirrus Logic stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total value of $1,000,000.00. Following the transaction, the executive vice president directly owned 14,001 shares of the company's stock, valued at approximately $1,400,100. This represents a 41.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,000 shares of company stock valued at $1,305,620 in the last quarter. 1.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CRUS. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Cirrus Logic by 19.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,248 shares of the semiconductor company's stock valued at $1,419,000 after acquiring an additional 2,320 shares in the last quarter. Intech Investment Management LLC grew its position in shares of Cirrus Logic by 52.9% in the fourth quarter. Intech Investment Management LLC now owns 13,689 shares of the semiconductor company's stock valued at $1,363,000 after purchasing an additional 4,739 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Cirrus Logic by 1.9% during the 4th quarter. Bank of New York Mellon Corp now owns 479,812 shares of the semiconductor company's stock worth $47,780,000 after purchasing an additional 9,050 shares in the last quarter. Mariner LLC raised its position in shares of Cirrus Logic by 32.0% during the 4th quarter. Mariner LLC now owns 6,648 shares of the semiconductor company's stock worth $662,000 after purchasing an additional 1,610 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Cirrus Logic by 63.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,987 shares of the semiconductor company's stock worth $397,000 after purchasing an additional 1,546 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS traded down $1.73 during trading on Friday, reaching $104.25. The company had a trading volume of 543,071 shares, compared to its average volume of 634,487. Cirrus Logic has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The stock's fifty day moving average price is $101.08 and its 200 day moving average price is $100.36. The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of 17.35 and a beta of 0.94.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.52. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The company had revenue of $424.46 million for the quarter, compared to analysts' expectations of $380.26 million. During the same period in the previous year, the company posted $1.24 EPS. Cirrus Logic's revenue was up 14.2% compared to the same quarter last year. On average, equities analysts anticipate that Cirrus Logic will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its board has initiated a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

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.