Cirrus Logic (NASDAQ:CRUS) Reaches New 1-Year High - Here's What Happened

Key Points

• Shares of Cirrus Logic hit a new 52-week high, trading as high as $162.89 and last at about $162.28 on volume of 176,126 shares, up from the prior close of $157.71.
• Earnings beat: the company reported Q3 EPS of $2.97 versus $2.37 expected and revenue of $580.6M versus $531.4M, prompting several analysts to raise targets (KeyCorp and Stifel to $175) and a consensus "Moderate Buy" with an average PT of $152.14.
• Insider activity and ownership: insiders sold roughly 37,987 shares (~$5.43M) over the last quarter and now own 1.16% of the stock, while institutional investors hold about 87.96%.

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $162.89 and last traded at $162.2760, with a volume of 176126 shares trading hands. The stock had previously closed at $157.71.

Analyst Ratings Changes

CRUS has been the topic of a number of research analyst reports. Benchmark lifted their price target on Cirrus Logic from $150.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, February 4th. KeyCorp lifted their price target on Cirrus Logic from $150.00 to $175.00 and gave the company an "overweight" rating in a report on Monday, April 6th. Stifel Nicolaus lifted their price target on Cirrus Logic from $163.00 to $175.00 and gave the company a "buy" rating in a report on Thursday. Loop Capital downgraded Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price target on the stock. in a report on Monday, February 2nd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cirrus Logic has a consensus rating of "Moderate Buy" and an average price target of $152.14.

Cirrus Logic Price Performance

The business has a 50 day simple moving average of $142.98 and a 200 day simple moving average of $130.45. The stock has a market cap of $8.26 billion, a PE ratio of 21.34 and a beta of 1.08.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 EPS for the quarter, beating analysts' consensus estimates of $2.37 by $0.60. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The firm had revenue of $580.62 million for the quarter, compared to the consensus estimate of $531.43 million. During the same quarter in the previous year, the company posted $2.51 earnings per share. The business's quarterly revenue was up 4.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Scott Thomas sold 9,942 shares of the business's stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $160.11, for a total value of $1,591,813.62. Following the completion of the sale, the executive vice president owned 30,393 shares of the company's stock, valued at $4,866,223.23. The trade was 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 this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Forsyth sold 21,806 shares of the business'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 completion of the sale, the chief executive officer directly owned 50,723 shares of the company's stock, valued at $6,855,213.45. This represents a 30.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 37,987 shares of company stock valued at $5,427,114 over the last quarter. Insiders own 1.16% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CRUS. Caitong International Asset Management Co. Ltd lifted its position in shares of Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 220 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Cirrus Logic during the 4th quarter worth about $33,000. Torren Management LLC acquired a new position in shares of Cirrus Logic during the 4th quarter worth about $35,000. Kestra Advisory Services LLC acquired a new position in shares of Cirrus Logic during the 4th quarter worth about $36,000. Finally, Abich Financial Wealth Management LLC acquired a new position in shares of Cirrus Logic during the 3rd quarter worth about $46,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

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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