Bank of America set a $29.00 price target on Cirrus Logic (NASDAQ:CRUS) in a research report sent to investors on Tuesday morning. The brokerage currently has a sell rating on the semiconductor company’s stock.
A number of other brokerages have also recently issued reports on CRUS. BidaskClub raised shares of Cirrus Logic from a hold rating to a buy rating in a research note on Wednesday, August 29th. ValuEngine raised shares of Cirrus Logic from a sell rating to a hold rating in a research note on Tuesday, September 4th. Zacks Investment Research raised shares of Cirrus Logic from a hold rating to a buy rating and set a $48.00 price objective on the stock in a research note on Tuesday, August 7th. TheStreet raised shares of Cirrus Logic from a c+ rating to a b- rating in a research note on Thursday, November 8th. Finally, Craig Hallum reissued a buy rating and issued a $47.00 price objective (down from $51.00) on shares of Cirrus Logic in a research note on Friday, November 2nd. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $45.88.
Shares of CRUS opened at $36.75 on Tuesday. Cirrus Logic has a 12 month low of $34.49 and a 12 month high of $55.13. The company has a market cap of $2.27 billion, a PE ratio of 9.96, a price-to-earnings-growth ratio of 1.21 and a beta of 0.50.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Thursday, November 1st. The semiconductor company reported $1.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.34. The company had revenue of $366.30 million for the quarter, compared to analysts’ expectations of $330.27 million. Cirrus Logic had a net margin of 7.09% and a return on equity of 15.55%. The business’s revenue for the quarter was down 13.9% on a year-over-year basis. During the same period last year, the firm earned $1.36 earnings per share. On average, research analysts predict that Cirrus Logic will post 2.08 EPS for the current fiscal year.
A number of institutional investors have recently modified their holdings of the business. Great Lakes Advisors LLC acquired a new stake in Cirrus Logic in the third quarter valued at approximately $9,400,000. Vanguard Group Inc. boosted its position in Cirrus Logic by 0.4% in the third quarter. Vanguard Group Inc. now owns 5,619,593 shares of the semiconductor company’s stock valued at $216,916,000 after buying an additional 24,334 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its position in Cirrus Logic by 13.4% in the third 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 buying an additional 28,300 shares in the last quarter. AQR Capital Management LLC boosted its position in Cirrus Logic by 1.9% in the third quarter. AQR Capital Management LLC now owns 2,766,026 shares of the semiconductor company’s stock valued at $106,768,000 after buying an additional 52,377 shares in the last quarter. Finally, Virginia National Bank acquired a new stake in Cirrus Logic in the third quarter valued at approximately $220,000. Hedge funds and other institutional investors own 90.44% of the company’s stock.
Cirrus Logic Company Profile
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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