Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $34.04, but opened at $35.63. Cirrus Logic shares last traded at $38.25, with a volume of 94784 shares trading hands.
Several research firms have recently weighed in on CRUS. Cowen increased their price target on Cirrus Logic from $40.00 to $44.00 and gave the company a “market perform” rating in a report on Thursday, August 2nd. ValuEngine cut Cirrus Logic from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. BidaskClub raised Cirrus Logic from a “sell” rating to a “hold” rating in a report on Saturday, July 28th. Craig Hallum reissued a “buy” rating and set a $47.00 price target (down from $51.00) on shares of Cirrus Logic in a report on Friday, November 2nd. Finally, Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Tuesday, August 7th. Five equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $47.88.
The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 10.09, a price-to-earnings-growth ratio of 1.13 and a beta of 0.45.
In other news, Director Timothy R. Dehne sold 4,171 shares of the company’s stock in a transaction on Sunday, August 26th. The stock was sold at an average price of $44.99, for a total value of $187,653.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.32% of the company’s stock.
Several large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in shares of Cirrus Logic by 98.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after purchasing an additional 657,662 shares in the last quarter. Clark Estates Inc. NY increased its stake in shares of Cirrus Logic by 3.1% in the 3rd quarter. Clark Estates Inc. NY now owns 87,600 shares of the semiconductor company’s stock worth $3,381,000 after purchasing an additional 2,600 shares in the last quarter. Royce & Associates LP increased its stake in shares of Cirrus Logic by 117.7% in the 3rd quarter. Royce & Associates LP now owns 476,912 shares of the semiconductor company’s stock worth $18,409,000 after purchasing an additional 257,833 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of Cirrus Logic in the 3rd quarter worth $20,366,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Cirrus Logic by 6.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,272,031 shares of the semiconductor company’s stock worth $87,699,000 after purchasing an additional 144,179 shares in the last quarter. Hedge funds and other institutional investors own 90.75% of the company’s stock.
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Cirrus Logic Company Profile (NASDAQ:CRUS)
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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