Brokerages Set Cirrus Logic, Inc. (NASDAQ:CRUS) Target Price at $128.33

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the six brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $128.33.

Several research analysts recently weighed in on CRUS shares. Wall Street Zen cut shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday. Benchmark restated a "buy" rating and issued a $125.00 target price on shares of Cirrus Logic in a report on Wednesday, March 19th. Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a research note on Wednesday, May 7th. Finally, Barclays raised their price objective on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th.

Cirrus Logic Stock Up 0.3%

CRUS traded up $0.29 during trading on Monday, hitting $101.30. 20,258 shares of the company traded hands, compared to its average volume of 635,241. The firm has a market cap of $5.22 billion, a P/E ratio of 18.38 and a beta of 0.93. The stock's fifty day moving average is $95.13 and its 200 day moving average is $100.51. Cirrus Logic has a one year low of $75.83 and a one year high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.15 by $0.52. The business had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The company's revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.24 earnings per share. On average, equities research analysts forecast that Cirrus Logic will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction 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 transaction, the director now owns 20,907 shares of the company's stock, valued at $2,208,197.34. This represents a 4.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.02% of the company's stock.

Institutional Investors Weigh In On Cirrus Logic

Several hedge funds have recently made changes to their positions in CRUS. Vanguard Group Inc. boosted its holdings in Cirrus Logic by 0.4% in the first quarter. Vanguard Group Inc. now owns 6,420,646 shares of the semiconductor company's stock worth $639,849,000 after acquiring an additional 24,614 shares in the last quarter. LSV Asset Management grew its holdings in shares of Cirrus Logic by 6.4% during the first quarter. LSV Asset Management now owns 2,402,284 shares of the semiconductor company's stock worth $239,400,000 after buying an additional 145,524 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of Cirrus Logic by 12.0% during the 4th quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company's stock valued at $182,748,000 after acquiring an additional 196,483 shares during the last quarter. Castlekeep Investment Advisors LLC acquired a new position in Cirrus Logic in the fourth quarter valued at about $170,796,000. Finally, Wellington Management Group LLP lifted its position in shares of Cirrus Logic by 4.1% during the fourth quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company's stock worth $163,639,000 after purchasing an additional 65,441 shares in the last quarter. 87.96% of the stock is currently 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.