Cirrus Logic (NASDAQ:CRUS) Sets New 1-Year High - Time to Buy?

Key Points

• 52-week high: Cirrus Logic shares reached a new 52-week high of $155.26 (last $154.38), with a market cap of about $7.89 billion and a 50/200-day moving average of $139.52/$129.11.
• Analyst sentiment: Several analysts raised price targets (KeyCorp to $175, Stifel to $163), leaving a consensus rating of "Moderate Buy" and a consensus target around $150.43 despite some hold ratings.
• Earnings and insider activity: The company beat expectations with Q3 EPS of $2.97 vs. $2.37 and revenue of $580.6M, while insiders (including the CEO) sold shares recently, with 28,045 shares sold over the last quarter.

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $155.26 and last traded at $154.38, with a volume of 404238 shares trading hands. The stock had previously closed at $147.35.

Wall Street Analyst Weigh In

Several equities analysts have commented on CRUS shares. KeyCorp upped their price objective on shares of Cirrus Logic from $150.00 to $175.00 and gave the company an "overweight" rating in a report on Monday. Stifel Nicolaus upped their price objective on shares of Cirrus Logic from $150.00 to $163.00 and gave the company a "buy" rating in a report on Wednesday, February 4th. Barclays upped their price objective on shares of Cirrus Logic from $110.00 to $120.00 and gave the company an "equal weight" rating in a report on Tuesday, March 3rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a report on Friday, March 27th. Finally, Loop Capital downgraded shares of Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price objective on the stock. in a report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $150.43.

Cirrus Logic Stock Up 4.9%

The company's 50 day moving average is $139.52 and its 200 day moving average is $129.11. The firm has a market capitalization of $7.89 billion, a price-to-earnings ratio of 20.40 and a beta of 1.08.

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

Insider Buying and Selling

In related news, CEO John Forsyth sold 21,806 shares of the company's stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $135.15, for a total transaction of $2,947,080.90. Following the completion of the sale, the chief executive officer owned 50,723 shares of the company's stock, valued at $6,855,213.45. This represents a 30.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Thomas sold 3,239 shares of the company's stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $141.63, for a total transaction of $458,739.57. Following the sale, the executive vice president directly owned 30,393 shares of the company's stock, valued at $4,304,560.59. This represents a 9.63% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 28,045 shares of company stock valued at $3,835,300 over the last quarter. 1.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cirrus Logic

Several institutional investors and hedge funds have recently bought and sold shares of CRUS. Royal Bank of Canada lifted its position in Cirrus Logic by 92.3% during the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company's stock worth $7,189,000 after purchasing an additional 34,629 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Cirrus Logic by 24.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company's stock worth $132,000 after purchasing an additional 263 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Cirrus Logic by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company's stock worth $21,372,000 after purchasing an additional 9,658 shares during the period. Focus Partners Wealth bought a new stake in Cirrus Logic during the first quarter worth about $361,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock worth $47,000 after acquiring an additional 232 shares during the last quarter. Institutional investors own 87.96% of the company's stock.

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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