Cirrus Logic (CRUS) Stock Rating Reaffirmed by Northland Securities

Northland Securities reissued their buy rating on shares of Cirrus Logic (NASDAQ:CRUS) in a research report report published on Tuesday morning. They currently have a $60.00 target price on the semiconductor company’s stock.

CRUS has been the topic of several other research reports. Craig Hallum cut their target price on Cirrus Logic from $54.00 to $44.00 and set a hold rating on the stock in a research report on Tuesday. Zacks Investment Research cut Cirrus Logic from a hold rating to a sell rating in a report on Wednesday, January 31st. Canaccord Genuity restated a buy rating and set a $76.00 price objective on shares of Cirrus Logic in a report on Friday, November 3rd. BidaskClub cut Cirrus Logic from a sell rating to a strong sell rating in a report on Tuesday, December 12th. Finally, Needham & Company LLC restated a buy rating and set a $80.00 price objective on shares of Cirrus Logic in a report on Friday, November 3rd. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $60.92.

Cirrus Logic (CRUS) opened at $40.27 on Tuesday. The firm has a market capitalization of $2,668.99, a P/E ratio of 10.48, a PEG ratio of 1.13 and a beta of -0.02. Cirrus Logic has a 12-month low of $39.51 and a 12-month high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Monday, February 5th. The semiconductor company reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.78 by ($0.19). The company had revenue of $482.70 million for the quarter, compared to the consensus estimate of $530.99 million. Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.87 EPS. equities analysts anticipate that Cirrus Logic will post 4.12 earnings per share for the current year.

Cirrus Logic declared that its board has initiated a share buyback plan on Monday, February 5th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the semiconductor company to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

In related news, Director Christine King sold 562 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $49.75, for a total transaction of $27,959.50. Following the completion of the transaction, the director now owns 11,744 shares in the company, valued at approximately $584,264. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 6,140 shares of company stock valued at $328,552. 1.92% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Cornerstone Capital Management Holdings LLC. lifted its holdings in shares of Cirrus Logic by 384.6% in the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 99,541 shares of the semiconductor company’s stock worth $6,242,000 after buying an additional 79,002 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Cirrus Logic in the 3rd quarter worth $251,000. Koch Industries Inc. lifted its holdings in shares of Cirrus Logic by 3,884.7% in the 2nd quarter. Koch Industries Inc. now owns 494,467 shares of the semiconductor company’s stock worth $487,000 after buying an additional 482,058 shares during the period. Kiwi Wealth Investments Limited Partnership lifted its holdings in shares of Cirrus Logic by 40.1% in the 3rd quarter. Kiwi Wealth Investments Limited Partnership now owns 40,677 shares of the semiconductor company’s stock worth $2,169,000 after buying an additional 11,633 shares during the period. Finally, Cipher Capital LP purchased a new stake in shares of Cirrus Logic in the 3rd quarter worth $610,000. Institutional investors and hedge funds own 89.58% of the company’s stock.

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Cirrus Logic Company Profile

Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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