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

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

Other equities analysts also recently issued reports about the company. Benchmark restated a “buy” rating and issued a $125.00 price target on shares of Cirrus Logic in a research note on Wednesday, March 19th. Barclays increased their target price on Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th. Finally, Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $128.33.

Cirrus Logic Stock Performance

CRUS stock opened at $99.81 on Wednesday. The firm has a 50 day moving average price of $95.37 and a 200-day moving average price of $100.59. Cirrus Logic has a 52-week low of $75.83 and a 52-week high of $147.46. The firm has a market capitalization of $5.30 billion, a price-to-earnings ratio of 18.11 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The firm had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. During the same quarter in the prior year, the firm posted $1.24 earnings per share. The business’s revenue was up 14.2% on a year-over-year basis. As a group, sell-side 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 initiated a share buyback plan on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 20,907 shares of the company’s stock, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.02% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Kohmann Bosshard Financial Services LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at about $28,000. Banque Cantonale Vaudoise purchased a new position in shares of Cirrus Logic during the 1st quarter worth approximately $30,000. Headlands Technologies LLC purchased a new stake in Cirrus Logic in the fourth quarter valued at approximately $39,000. R Squared Ltd purchased a new stake in Cirrus Logic in the fourth quarter valued at approximately $47,000. Finally, Quent Capital LLC boosted its position in shares of Cirrus Logic by 167.2% during the fourth quarter. Quent Capital LLC now owns 473 shares of the semiconductor company’s stock worth $47,000 after buying an additional 296 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

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.