Cirrus Logic (NASDAQ:CRUS) Given New $140.00 Price Target at Barclays

Key Points

• Barclays raised its price target on Cirrus Logic from $120 to $140 but kept an "equal weight" rating — that target implies about an 18.2% downside from the stock's previous close.
• Other analysts are more bullish (KeyCorp lifted its target to $200) and the consensus target is $161.71 with a "Moderate Buy" average rating, while shares recently traded around $171.15.
• Cirrus Logic posted a quarterly earnings beat, reporting EPS of $2.97 vs. $2.37 expected and revenue of $580.6M (vs. $531.4M), with a net margin of 20.47% and ROE of 20.41%.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) had its price target hoisted by research analysts at Barclays from $120.00 to $140.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the semiconductor company's stock. Barclays's price objective would indicate a potential downside of 18.20% from the stock's previous close.

CRUS has been the topic of several other research reports. KeyCorp increased their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an "overweight" rating in a research report on Thursday. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research report on Thursday. Zacks Research lowered shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Benchmark increased their price target on shares of Cirrus Logic from $150.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday, February 4th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research report on Friday, March 27th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $161.71.

Cirrus Logic Stock Up 2.1%

Shares of CRUS stock traded up $3.46 on Thursday, reaching $171.15. The stock had a trading volume of 446,444 shares, compared to its average volume of 649,024. The firm's 50-day moving average is $149.53 and its two-hundred day moving average is $134.50. The firm has a market capitalization of $8.73 billion, a price-to-earnings ratio of 22.65 and a beta of 1.16. Cirrus Logic has a 12 month low of $92.02 and a 12 month high of $179.00.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 20.47% and a return on equity of 20.41%. Cirrus Logic's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.51 EPS. On average, sell-side analysts forecast that Cirrus Logic will post 7.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Scott Thomas sold 9,942 shares of Cirrus Logic stock in a transaction on Thursday, April 9th. The shares were 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 owned 30,393 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 3,000 shares of Cirrus Logic stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $143.16, for a total transaction of $429,480.00. Following the transaction, the executive vice president directly owned 5,876 shares of the company's stock, valued at $841,208.16. This represents a 33.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,181 shares of company stock valued at $2,480,033 in the last three months. 1.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Cirrus Logic

A number of hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. increased its stake in Cirrus Logic by 120.0% in the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 120 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 220 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in Cirrus Logic in the fourth quarter valued at $33,000. Torren Management LLC bought a new stake in Cirrus Logic in the fourth quarter valued at $35,000. Finally, Kestra Advisory Services LLC bought a new stake in Cirrus Logic in the fourth quarter valued at $36,000. Institutional investors own 87.96% of the company's stock.

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.

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