StockNews.com Upgrades Cirrus Logic (NASDAQ:CRUS) to Buy

Cirrus Logic (NASDAQ:CRUS) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Tuesday.

Several other analysts have also recently weighed in on CRUS. Loop Capital initiated coverage on Cirrus Logic in a research report on Tuesday, November 12th. They set a “buy” rating and a $130.00 price objective on the stock. Barclays reduced their price target on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 5th. Susquehanna increased their price objective on Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a report on Monday, November 18th. Stifel Nicolaus dropped their target price on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, KeyCorp increased their price target on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Cirrus Logic currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.50.

Cirrus Logic Stock Performance

CRUS stock traded down $2.24 on Tuesday, reaching $105.60. The company’s stock had a trading volume of 852,757 shares, compared to its average volume of 520,727. The firm has a market cap of $5.61 billion, a PE ratio of 17.90 and a beta of 0.93. The business has a fifty day simple moving average of $113.57 and a two-hundred day simple moving average of $123.42. Cirrus Logic has a 12-month low of $75.57 and a 12-month high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Monday, November 4th. The semiconductor company reported $2.25 EPS for the quarter, topping the consensus estimate of $2.02 by $0.23. Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. The firm had revenue of $541.90 million during the quarter, compared to analysts’ expectations of $520.53 million. During the same period last year, the company posted $1.43 EPS. The company’s quarterly revenue was up 12.6% compared to the same quarter last year. As a group, research analysts anticipate that Cirrus Logic will post 5.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cirrus Logic

A number of hedge funds have recently bought and sold shares of the business. Huntington National Bank grew its holdings in shares of Cirrus Logic by 10,500.0% in the third quarter. Huntington National Bank now owns 212 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 210 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Cirrus Logic by 98.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 120 shares in the last quarter. V Square Quantitative Management LLC bought a new position in Cirrus Logic in the 3rd quarter worth $31,000. Westside Investment Management Inc. purchased a new stake in Cirrus Logic in the 3rd quarter worth $35,000. Finally, GAMMA Investing LLC raised its holdings in Cirrus Logic by 79.5% during the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock valued at $61,000 after acquiring an additional 210 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.