Cirrus Logic, Inc. (NASDAQ:CRUS) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the seven ratings firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $126.43.

CRUS has been the subject of several research reports. Benchmark reiterated a "buy" rating and issued a $125.00 target price on shares of Cirrus Logic in a report on Wednesday, March 19th. Barclays increased their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday. Finally, Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a report on Wednesday.

Institutional Investors Weigh In On Cirrus Logic

A number of institutional investors and hedge funds have recently modified their holdings of CRUS. N.E.W. Advisory Services LLC acquired a new stake in Cirrus Logic during the 1st quarter valued at approximately $50,000. Picton Mahoney Asset Management boosted its position in Cirrus Logic by 51,387.5% in the 1st quarter. Picton Mahoney Asset Management now owns 4,119 shares of the semiconductor company's stock worth $410,000 after purchasing an additional 4,111 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Cirrus Logic by 20.2% during the 1st quarter. LPL Financial LLC now owns 16,026 shares of the semiconductor company's stock valued at $1,597,000 after purchasing an additional 2,698 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cirrus Logic by 3.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,796 shares of the semiconductor company's stock valued at $1,474,000 after buying an additional 548 shares during the period. Finally, Cetera Investment Advisers grew its position in shares of Cirrus Logic by 74.3% during the 1st quarter. Cetera Investment Advisers now owns 4,824 shares of the semiconductor company's stock valued at $481,000 after acquiring an additional 2,057 shares during the period. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $96.66 on Thursday. The company has a market cap of $5.14 billion, a PE ratio of 17.54 and a beta of 0.92. The stock's 50 day simple moving average is $94.92 and its two-hundred day simple moving average is $101.74. Cirrus Logic has a 1 year low of $75.83 and a 1 year high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (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 company had revenue of $424.46 million during the quarter, compared to analysts' expectations of $380.26 million. During the same quarter in the previous year, the business earned $1.24 EPS. Cirrus Logic's revenue was up 14.2% compared to the same quarter last year. Equities research analysts expect that Cirrus Logic will post 5.63 EPS for the current year.

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

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.

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