Cirrus Logic (NASDAQ:CRUS) Shares Gap Up Following Analyst Upgrade

Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price gapped up before the market opened on Wednesday after Benchmark upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $101.39, but opened at $112.00. Benchmark now has a $125.00 price target on the stock. Cirrus Logic shares last traded at $104.61, with a volume of 207,856 shares.

CRUS has been the topic of a number of other research reports. Loop Capital began coverage on Cirrus Logic in a research note on Tuesday, November 12th. They set a “buy” rating and a $130.00 price objective on the stock. Susquehanna raised their price objective on Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a research note on Monday, November 18th. Barclays raised their price objective on Cirrus Logic from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Wednesday. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Finally, Stifel Nicolaus decreased their price target on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $132.86.

Insider Activity

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total transaction of $205,100.00. Following the sale, the executive vice president now owns 8,330 shares of the company’s stock, valued at $833,000. This trade represents a 19.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.02% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

Several hedge funds have recently modified their holdings of CRUS. Creative Planning boosted its holdings in shares of Cirrus Logic by 31.6% during the 2nd quarter. Creative Planning now owns 7,518 shares of the semiconductor company’s stock valued at $960,000 after acquiring an additional 1,807 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Cirrus Logic by 52.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company’s stock worth $123,000 after buying an additional 329 shares during the period. Sanctuary Advisors LLC acquired a new position in Cirrus Logic during the 2nd quarter worth about $1,009,000. Handelsbanken Fonder AB lifted its holdings in Cirrus Logic by 20.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 15,695 shares of the semiconductor company’s stock worth $1,949,000 after buying an additional 2,700 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Cirrus Logic by 81.2% during the 3rd quarter. GAMMA Investing LLC now owns 859 shares of the semiconductor company’s stock worth $107,000 after buying an additional 385 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

The stock has a market capitalization of $5.55 billion, a price-to-earnings ratio of 17.70 and a beta of 0.91. The company has a fifty day simple moving average of $102.49 and a 200 day simple moving average of $116.08.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. As a group, equities analysts predict that Cirrus Logic, Inc. will post 5.21 earnings per share for the current fiscal year.

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.