Cirrus Logic (NASDAQ:CRUS) Stock Rating Reaffirmed by Oppenheimer

Cirrus Logic (NASDAQ:CRUS)‘s stock had its “hold” rating reissued by stock analysts at Oppenheimer in a research report issued on Tuesday, AnalystRatings.net reports. Oppenheimer also issued estimates for Cirrus Logic’s Q3 2021 earnings at $1.73 EPS, Q4 2021 earnings at $0.55 EPS, FY2021 earnings at $3.64 EPS, Q1 2022 earnings at $0.55 EPS, Q2 2022 earnings at $1.18 EPS, Q3 2022 earnings at $1.36 EPS, Q4 2022 earnings at $0.54 EPS and FY2022 earnings at $3.62 EPS.

A number of other equities research analysts have also weighed in on CRUS. Cowen lifted their price objective on Cirrus Logic from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, November 3rd. Zacks Investment Research lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $73.00 target price on the stock. in a research report on Tuesday, October 6th. KeyCorp upgraded shares of Cirrus Logic from a “sector weight” rating to an “overweight” rating and set a $100.00 target price on the stock in a research report on Wednesday, January 6th. BidaskClub raised Cirrus Logic from a “buy” rating to a “strong-buy” rating in a research note on Thursday, January 7th. Finally, Craig Hallum lifted their price target on Cirrus Logic from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, November 3rd. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $87.67.

NASDAQ:CRUS opened at $93.93 on Tuesday. Cirrus Logic has a 12-month low of $47.04 and a 12-month high of $94.50. The stock’s 50 day simple moving average is $82.35 and its 200-day simple moving average is $69.82. The firm has a market cap of $5.44 billion, a P/E ratio of 36.27, a PEG ratio of 3.62 and a beta of 0.88.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Saturday, November 7th. The semiconductor company reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.36. Cirrus Logic had a net margin of 12.57% and a return on equity of 14.92%. The company had revenue of $347.33 million during the quarter, compared to analysts’ expectations of $310.18 million. During the same quarter last year, the business earned $1.55 EPS. The business’s revenue was down 10.7% on a year-over-year basis. On average, analysts expect that Cirrus Logic will post 3.53 earnings per share for the current fiscal year.

In other news, CEO John Forsyth sold 2,489 shares of the company’s stock in a transaction dated Wednesday, January 6th. The shares were sold at an average price of $89.00, for a total transaction of $221,521.00. Following the completion of the transaction, the chief executive officer now owns 4,541 shares of the company’s stock, valued at approximately $404,149. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jason P. Rhode sold 70,317 shares of the company’s stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $71.72, for a total transaction of $5,043,135.24. Following the transaction, the chief executive officer now directly owns 276,458 shares of the company’s stock, valued at approximately $19,827,567.76. The disclosure for this sale can be found here. Insiders sold a total of 99,656 shares of company stock valued at $7,305,860 in the last three months. 1.83% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC boosted its holdings in Cirrus Logic by 44.0% in the 2nd quarter. FMR LLC now owns 8,016,449 shares of the semiconductor company’s stock worth $495,257,000 after acquiring an additional 2,449,824 shares during the period. Royce & Associates LP increased its stake in shares of Cirrus Logic by 0.4% in the third quarter. Royce & Associates LP now owns 783,335 shares of the semiconductor company’s stock worth $52,836,000 after buying an additional 3,304 shares during the last quarter. AXA S.A. raised its holdings in Cirrus Logic by 30.0% in the third quarter. AXA S.A. now owns 474,059 shares of the semiconductor company’s stock valued at $31,975,000 after acquiring an additional 109,359 shares in the last quarter. Rothschild & Co. Asset Management US Inc. bought a new position in Cirrus Logic during the 3rd quarter valued at $29,096,000. Finally, Letko Brosseau & Associates Inc. grew its holdings in Cirrus Logic by 40.6% during the 3rd quarter. Letko Brosseau & Associates Inc. now owns 416,204 shares of the semiconductor company’s stock worth $28,073,000 after acquiring an additional 120,230 shares in the last quarter. 84.24% of the stock is owned by institutional investors.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) in the United States and internationally. It offers portable products, including codecs-chips that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; haptic drivers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that offer enhanced voice quality, voice capture, and audio playback features.

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Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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