Cirrus Logic (NASDAQ:CRUS) Rating Increased to Strong-Buy at Wall Street Zen

Cirrus Logic (NASDAQ:CRUS - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Wednesday.

A number of other equities research analysts also recently weighed in on the company. Barclays lifted their target price on Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research note on Wednesday, May 7th. Finally, Benchmark reiterated a "buy" rating and issued a $125.00 price target on shares of Cirrus Logic in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Cirrus Logic has an average rating of "Buy" and an average price target of $128.33.

Cirrus Logic Stock Performance

Shares of NASDAQ:CRUS traded down $0.61 during trading on Wednesday, hitting $99.81. 465,858 shares of the stock were exchanged, compared to its average volume of 633,903. The company's fifty day simple moving average is $95.43 and its 200-day simple moving average is $100.62. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of 18.11 and a beta of 0.92. 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 released its quarterly earnings results 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. The business had revenue of $424.46 million during the quarter, compared to analysts' expectations of $380.26 million. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The firm's revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.24 earnings per share. On average, research analysts forecast that Cirrus Logic will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic declared that its Board of Directors has approved 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 purchase up to 9.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following the sale, the director now directly owns 20,907 shares of the company's stock, valued at $2,208,197.34. The trade was a 4.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.02% 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. Kohmann Bosshard Financial Services LLC purchased a new stake in Cirrus Logic in the fourth quarter valued at $28,000. Banque Cantonale Vaudoise purchased a new position in Cirrus Logic during the 1st quarter worth $30,000. Headlands Technologies LLC purchased a new stake in shares of Cirrus Logic in the fourth quarter valued at about $39,000. Quent Capital LLC raised its holdings in shares of Cirrus Logic by 167.2% in the fourth quarter. Quent Capital LLC now owns 473 shares of the semiconductor company's stock valued at $47,000 after buying an additional 296 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Cirrus Logic during the fourth quarter worth about $47,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

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.