Cirrus Logic, Inc. (NASDAQ:CRUS) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Analyst consensus: Eight brokerages give Cirrus Logic a consensus rating of "Moderate Buy" (3 holds, 4 buys, 1 strong buy) with an average 1-year price target of $152.14 and several firms recently raising targets (KeyCorp, Stifel, Benchmark, Barclays).
• Strong quarterly results: Cirrus Logic beat Q3 estimates with EPS of $2.97 vs. $2.37 expected and revenue of $580.6M, and the stock is trading near its 1-year high (~$169.89 vs. $173.00 high) with a market cap of $8.67B and a P/E of 22.4.
• Insider and institutional activity: Company insiders sold ~37,987 shares (~$5.43M) in the last 90 days (including sales by the CEO and EVP), while institutional ownership remains high at about 87.96%.

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) have earned an average rating of "Moderate Buy" from the eight ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $152.1429.

A number of equities analysts have recently issued reports on the company. Barclays raised their price objective on Cirrus Logic from $110.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Tuesday, March 3rd. KeyCorp raised their price objective on Cirrus Logic from $150.00 to $175.00 and gave the stock an "overweight" rating in a research report on Monday, April 6th. Benchmark raised their price objective on Cirrus Logic from $150.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday, February 4th. Stifel Nicolaus raised their price objective on Cirrus Logic from $163.00 to $175.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, Loop Capital downgraded Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price objective for the company. in a research report on Monday, February 2nd.

Cirrus Logic Trading Up 0.1%

NASDAQ:CRUS opened at $169.89 on Thursday. The stock has a market cap of $8.67 billion, a P/E ratio of 22.38 and a beta of 1.08. The stock's 50-day moving average is $145.68 and its 200-day moving average is $131.93. Cirrus Logic has a 1-year low of $87.94 and a 1-year high of $173.00.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.37 by $0.60. The company had revenue of $580.62 million for the quarter, compared to analysts' expectations of $531.43 million. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The business's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business posted $2.51 earnings per share. As a group, equities analysts forecast that Cirrus Logic will post 7.76 EPS for the current year.

Insider Transactions at Cirrus Logic

In other news, EVP Scott Thomas sold 9,942 shares of the firm's stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $160.11, for a total transaction of $1,591,813.62. Following the completion of the transaction, the executive vice president directly owned 30,393 shares in the company, valued at $4,866,223.23. This trade represents a 24.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Forsyth sold 21,806 shares of the firm's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total value of $2,947,080.90. Following the transaction, the chief executive officer owned 50,723 shares of the company's stock, valued at $6,855,213.45. This trade represents a 30.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 37,987 shares of company stock worth $5,427,114 over the last ninety days. 1.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Cirrus Logic

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Cirrus Logic by 4.2% in the third quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company's stock worth $829,724,000 after purchasing an additional 268,560 shares in the last quarter. LSV Asset Management increased its holdings in Cirrus Logic by 1.0% in the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company's stock worth $279,215,000 after purchasing an additional 23,703 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in Cirrus Logic by 0.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company's stock worth $187,059,000 after purchasing an additional 11,307 shares in the last quarter. Earnest Partners LLC increased its holdings in Cirrus Logic by 0.8% in the third quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company's stock worth $168,980,000 after purchasing an additional 10,750 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Cirrus Logic by 7.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,244,258 shares of the semiconductor company's stock worth $147,452,000 after purchasing an additional 83,059 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

About Cirrus Logic

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.

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