Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating) has received an average rating of "Moderate Buy" from the twelve research firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $102.60.
Several equities research analysts recently weighed in on the stock. Bank of America cut their price objective 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. Cowen upped their price objective on shares of Cirrus Logic from $90.00 to $100.00 in a research report on Wednesday, August 3rd. Susquehanna Bancshares dropped their target price on shares of Cirrus Logic to $110.00 in a report on Monday, July 25th. Barclays dropped their target price on shares of Cirrus Logic from $120.00 to $105.00 and set an "overweight" rating for the company in a report on Monday, July 25th. Finally, StockNews.com raised shares of Cirrus Logic from a "buy" rating to a "strong-buy" rating in a report on Friday.
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Cirrus Logic Stock Down 1.1 %
CRUS opened at $73.24 on Friday. Cirrus Logic has a twelve month low of $67.03 and a twelve month high of $95.84. The company has a 50-day simple moving average of $79.52 and a 200 day simple moving average of $80.00. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 6.32 and a beta of 0.97.
Cirrus Logic declared that its board has initiated a stock buyback plan on Tuesday, August 2nd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to buy up to 10.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.
Insider Activity
In other news, VP Carl Jackson Alberty sold 1,823 shares of the company's stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $88.24, for a total value of $160,861.52. Following the completion of the transaction, the vice president now owns 33,014 shares of the company's stock, valued at $2,913,155.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $84.74, for a total transaction of $84,740.00. Following the completion of the sale, the director now owns 18,875 shares of the company's stock, valued at approximately $1,599,467.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Carl Jackson Alberty sold 1,823 shares of the 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 sale, the vice president now directly owns 33,014 shares of the company's stock, valued at approximately $2,913,155.36. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.
Institutional Trading of Cirrus Logic
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRUS. Retirement Systems of Alabama grew its position in shares of Cirrus Logic by 0.5% during the 1st quarter. Retirement Systems of Alabama now owns 75,161 shares of the semiconductor company's stock worth $6,373,000 after buying an additional 343 shares during the period. Edmond DE Rothschild Holding S.A. grew its position in shares of Cirrus Logic by 81.9% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 862 shares of the semiconductor company's stock worth $73,000 after buying an additional 388 shares during the period. JPMorgan Chase & Co. grew its position in shares of Cirrus Logic by 18.6% during the 4th quarter. JPMorgan Chase & Co. now owns 207,200 shares of the semiconductor company's stock worth $19,066,000 after buying an additional 32,519 shares during the period. Mutual of America Capital Management LLC grew its position in shares of Cirrus Logic by 2.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 52,237 shares of the semiconductor company's stock worth $4,429,000 after buying an additional 1,126 shares during the period. Finally, Strs Ohio acquired a new stake in shares of Cirrus Logic during the 1st quarter worth approximately $1,909,000. Institutional investors and hedge funds own 88.12% of the company's stock.
About Cirrus Logic
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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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