KeyCorp Cuts Cirrus Logic (NASDAQ:CRUS) Price Target to $170.00

Key Points

• KeyCorp cut Cirrus Logic’s price target from $190 to $170 but maintained an “overweight” rating, implying roughly 33.9% upside from the reported $127 share price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and average price target of $150.71; other targets ranged from $130 to $160.
• Cirrus Logic’s latest quarterly results modestly beat expectations, with EPS of $1.84 versus $1.81 forecast and revenue of $459.72 million. Revenue rose 12.9% year over year, although shares fell 1.9% in Thursday trading.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) had its target price cut by research analysts at KeyCorp from $190.00 to $170.00 in a report released on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the semiconductor company's stock. KeyCorp's price target points to a potential upside of 33.86% from the company's current price.

Several other research analysts have also commented on CRUS. Stifel Nicolaus set a $160.00 price target on shares of Cirrus Logic and gave the company a "buy" rating in a report on Thursday. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a research report on Thursday, June 4th. Zacks Research lowered shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Finally, Barclays reduced their price target on Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating for the company in a report on Thursday. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, Cirrus Logic currently has a consensus rating of "Moderate Buy" and a consensus price target of $150.71.

Cirrus Logic Stock Down 1.9%

Shares of NASDAQ:CRUS traded down $2.42 during trading on Thursday, reaching $127.00. The stock had a trading volume of 255,353 shares, compared to its average volume of 637,453. Cirrus Logic has a fifty-two week low of $98.67 and a fifty-two week high of $180.42. The stock has a market cap of $6.41 billion, a P/E ratio of 16.21 and a beta of 1.18. The business has a fifty day moving average price of $150.60 and a 200-day moving average price of $149.16.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.03. The business had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company's revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.51 EPS. As a group, equities analysts forecast that Cirrus Logic will post 7.86 EPS for the current year.

Insider Activity at Cirrus Logic

In other news, EVP Justin E. Dougherty sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total transaction of $333,000.00. Following the sale, the executive vice president directly owned 4,537 shares in the company, valued at approximately $755,410.50. This represents a 30.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $168.54, for a total value of $658,485.78. Following the completion of the transaction, the executive vice president directly owned 17,575 shares of the company's stock, valued at approximately $2,962,090.50. The trade was a 18.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 23,465 shares of company stock valued at $3,743,219. 1.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRUS. Parallel Advisors LLC increased its stake in Cirrus Logic by 6.2% in the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company's stock valued at $162,000 after purchasing an additional 80 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Cirrus Logic by 29.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company's stock valued at $46,000 after purchasing an additional 88 shares during the period. EP Wealth Advisors LLC lifted its position in Cirrus Logic by 1.7% during the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company's stock worth $598,000 after acquiring an additional 95 shares during the last quarter. Diversified Trust Co boosted its stake in shares of Cirrus Logic by 1.1% in the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company's stock valued at $1,316,000 after buying an additional 102 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Cirrus Logic by 120.0% in the 1st 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. Institutional investors and hedge funds 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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