KeyCorp Issues Pessimistic Forecast for Cirrus Logic (NASDAQ:CRUS) Stock Price

Cirrus Logic (NASDAQ:CRUS) had its price target cut by equities researchers at KeyCorp from $190.00 to $170.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price target points to a potential upside of 36.09% from the company’s previous close.

A number of other analysts have also recently commented on the company. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Stifel Nicolaus cut their price objective on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Finally, Barclays lowered their price target on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a report on Thursday. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $150.71.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $124.92 on Thursday. Cirrus Logic has a 1 year low of $99.78 and a 1 year high of $180.42. The firm has a fifty day moving average price of $148.68 and a 200-day moving average price of $148.99. The company has a market cap of $6.30 billion, a price-to-earnings ratio of 15.29 and a beta of 1.18.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, topping the consensus estimate of $1.81 by $0.03. The firm had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.Cirrus Logic’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.51 EPS. Equities research analysts expect that Cirrus Logic will post 7.86 EPS for the current year.

Insider Transactions at Cirrus Logic

In related news, EVP Scott Thomas sold 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value of $234,052.00. Following the transaction, the executive vice president directly owned 31,048 shares of the company’s stock, valued at approximately $5,589,881.92. The trade was a 4.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $2,962,090.50. This represents a 18.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 18,465 shares of company stock valued at $2,891,169. 1.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cirrus Logic

Several institutional investors and hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its stake in Cirrus Logic by 7,333.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 220 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in Cirrus Logic by 120.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 120 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in Cirrus Logic in the 4th quarter worth $33,000. Torren Management LLC bought a new position in shares of Cirrus Logic during the 4th quarter valued at about $35,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Cirrus Logic during the 4th quarter valued at about $36,000. 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.