Cirrus Logic (CRUS) Upgraded by BidaskClub to “Buy”

BidaskClub upgraded shares of Cirrus Logic (NASDAQ:CRUS) from a hold rating to a buy rating in a report released on Friday morning.

Several other equities research analysts have also commented on CRUS. ValuEngine upgraded shares of Cirrus Logic from a strong sell rating to a sell rating in a research report on Wednesday, July 25th. Cowen boosted their price objective on shares of Cirrus Logic from $40.00 to $44.00 and gave the stock a market perform rating in a research report on Thursday, August 2nd. Craig Hallum boosted their price objective on shares of Cirrus Logic from $43.00 to $51.00 and gave the stock a buy rating in a research report on Thursday, August 2nd. Bank of America boosted their price objective on shares of Cirrus Logic from $28.00 to $33.00 and gave the stock an underperform rating in a research report on Thursday, August 2nd. Finally, Susquehanna Bancshares boosted their price objective on shares of Cirrus Logic from $45.00 to $59.00 and gave the stock a positive rating in a research report on Thursday, August 2nd. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $47.68.

Shares of Cirrus Logic stock traded down $1.54 on Friday, hitting $38.80. The company’s stock had a trading volume of 1,469,866 shares, compared to its average volume of 1,152,765. Cirrus Logic has a 52-week low of $34.49 and a 52-week high of $57.39. The firm has a market capitalization of $2.32 billion, a PE ratio of 13.72, a P/E/G ratio of 1.06 and a beta of 0.45.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Thursday, November 1st. The semiconductor company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.74 by $0.34. Cirrus Logic had a net margin of 7.09% and a return on equity of 15.55%. The business had revenue of $366.30 million for the quarter, compared to analyst estimates of $330.27 million. During the same period in the previous year, the firm earned $1.36 EPS. The business’s revenue for the quarter was down 13.9% compared to the same quarter last year. As a group, research analysts forecast that Cirrus Logic will post 2.44 earnings per share for the current fiscal year.

In related news, Director Timothy R. Dehne sold 4,171 shares of the business’s stock in a transaction dated Sunday, August 26th. The shares were sold at an average price of $44.99, for a total value of $187,653.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.32% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in Cirrus Logic by 13.4% in the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 240,279 shares of the semiconductor company’s stock valued at $9,275,000 after purchasing an additional 28,300 shares during the last quarter. AQR Capital Management LLC raised its stake in Cirrus Logic by 1.9% in the 3rd quarter. AQR Capital Management LLC now owns 2,766,026 shares of the semiconductor company’s stock valued at $106,768,000 after purchasing an additional 52,377 shares during the last quarter. Virginia National Bank acquired a new position in Cirrus Logic in the 3rd quarter valued at about $220,000. MetLife Investment Advisors LLC raised its stake in Cirrus Logic by 18.2% in the 3rd quarter. MetLife Investment Advisors LLC now owns 79,713 shares of the semiconductor company’s stock valued at $3,077,000 after purchasing an additional 12,271 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Cirrus Logic in the 3rd quarter valued at about $733,000. 90.75% of the stock is owned by hedge funds and other institutional investors.

About Cirrus Logic

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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