StockNews.com upgraded shares of Cirrus Logic (NASDAQ:CRUS – Get Rating) from a buy rating to a strong-buy rating in a research note published on Friday morning.
CRUS has been the topic of a number of other research reports. Cowen upped their price target on shares of Cirrus Logic to $100.00 in a research note on Tuesday, August 9th. Susquehanna Bancshares decreased their price objective on Cirrus Logic to $110.00 in a report on Monday, July 25th. Bank of America reduced their target price on shares of Cirrus Logic from $85.00 to $80.00 and set an underperform rating for the company in a research report on Wednesday, June 29th. Barclays lowered their price target on shares of Cirrus Logic from $120.00 to $105.00 and set an overweight rating on the stock in a research report on Monday, July 25th. Finally, Cowen raised their target price on shares of Cirrus Logic from $90.00 to $100.00 in a report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $102.60.
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Cirrus Logic Trading Down 1.1 %
CRUS stock opened at $73.24 on Friday. The business's 50 day simple moving average is $79.52 and its 200 day simple moving average is $80.00. Cirrus Logic has a 1-year low of $67.03 and a 1-year high of $95.84. The firm has a market capitalization of $4.10 billion, a PE ratio of 12.37, a PEG ratio of 6.32 and a beta of 0.97.
Cirrus Logic declared that its Board of Directors has approved a stock repurchase plan on Tuesday, August 2nd that permits the company to buyback $500.00 million in shares. This buyback authorization permits the semiconductor company to repurchase up to 10.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.
Insiders Place Their Bets
In other news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction on Monday, August 8th. The stock was sold at an average price of $84.74, for a total value of $84,740.00. Following the transaction, the director now owns 18,875 shares in the company, valued at approximately $1,599,467.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $84.74, for a total value of $84,740.00. Following the completion of the transaction, the director now owns 18,875 shares of the company's stock, valued at $1,599,467.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Carl Jackson Alberty sold 1,823 shares of the firm's stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $88.24, for a total transaction of $160,861.52. Following the completion of the sale, the vice president now owns 33,014 shares in the company, valued at $2,913,155.36. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company's stock.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the company. Parallel Advisors LLC increased its holdings in Cirrus Logic by 50.0% in the 2nd quarter. Parallel Advisors LLC now owns 459 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 153 shares in the last quarter. C M Bidwell & Associates Ltd. bought a new stake in shares of Cirrus Logic during the first quarter worth about $40,000. Nisa Investment Advisors LLC increased its stake in shares of Cirrus Logic by 500.0% in the first quarter. Nisa Investment Advisors LLC now owns 480 shares of the semiconductor company's stock valued at $41,000 after buying an additional 400 shares during the period. Truvestments Capital LLC acquired a new position in shares of Cirrus Logic in the second quarter valued at approximately $41,000. Finally, Edmond DE Rothschild Holding S.A. bought a new position in Cirrus Logic in the 4th quarter valued at approximately $44,000. 88.12% of the stock is currently owned by institutional investors.
Cirrus Logic Company Profile
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Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including 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 digital signal processer; boosted amplifiers; 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, hearing augmentation, and active noise cancellation.
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