Cirrus Logic (CRUS) Rating Increased to Buy at ValuEngine

ValuEngine upgraded shares of Cirrus Logic (NASDAQ:CRUS) from a hold rating to a buy rating in a research report sent to investors on Friday morning.

A number of other brokerages have also recently issued reports on CRUS. Northland Securities restated a buy rating on shares of Cirrus Logic in a research note on Friday, November 3rd. Needham & Company LLC restated a buy rating and issued a $80.00 price objective on shares of Cirrus Logic in a research note on Friday, November 3rd. Craig Hallum restated a hold rating and issued a $54.00 price objective (down previously from $63.00) on shares of Cirrus Logic in a research note on Friday, November 3rd. Zacks Investment Research cut shares of Cirrus Logic from a buy rating to a hold rating in a research note on Thursday, November 9th. Finally, Canaccord Genuity restated a buy rating and issued a $76.00 price objective on shares of Cirrus Logic in a research note on Friday, November 3rd. Five analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $60.92.

Cirrus Logic (CRUS) traded up $2.11 during trading hours on Friday, reaching $42.38. 2,386,290 shares of the company traded hands, compared to its average volume of 1,320,000. The firm has a market cap of $2,840.00, a PE ratio of 15.24, a P/E/G ratio of 1.17 and a beta of -0.02. Cirrus Logic has a 1 year low of $39.51 and a 1 year high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Monday, February 5th. The semiconductor company reported $1.59 EPS 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 analyst estimates of $530.99 million. Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. Cirrus Logic’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.87 earnings per share. equities research analysts anticipate that Cirrus Logic will post 3.78 earnings per share for the current fiscal year.

Cirrus Logic announced that its Board of Directors has initiated a share repurchase program on Monday, February 5th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the semiconductor company to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

In related news, Director Christine King sold 5,000 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $54.14, for a total transaction of $270,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 6,140 shares of company stock valued at $328,552 in the last quarter. 1.92% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. increased its position in shares of Cirrus Logic by 2.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 24,940 shares of the semiconductor company’s stock worth $1,564,000 after purchasing an additional 592 shares in the last quarter. Royal Bank of Canada increased its position in shares of Cirrus Logic by 2.5% during the 2nd quarter. Royal Bank of Canada now owns 30,651 shares of the semiconductor company’s stock worth $1,922,000 after purchasing an additional 758 shares in the last quarter. ETRADE Capital Management LLC increased its position in shares of Cirrus Logic by 30.2% during the 3rd quarter. ETRADE Capital Management LLC now owns 4,180 shares of the semiconductor company’s stock worth $223,000 after purchasing an additional 970 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Cirrus Logic by 72.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock worth $138,000 after purchasing an additional 1,086 shares in the last quarter. Finally, Stifel Financial Corp increased its position in shares of Cirrus Logic by 11.8% during the 2nd quarter. Stifel Financial Corp now owns 11,398 shares of the semiconductor company’s stock worth $713,000 after purchasing an additional 1,204 shares in the last quarter. 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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