KeyCorp Increases Cirrus Logic (NASDAQ:CRUS) Price Target to $120.00

Cirrus Logic (NASDAQ:CRUS) had its price target boosted by KeyCorp from $105.00 to $120.00 in a research report sent to investors on Tuesday, The Fly reports. They currently have an overweight rating on the semiconductor company’s stock. KeyCorp also issued estimates for Cirrus Logic’s Q3 2022 earnings at $1.95 EPS, FY2022 earnings at $4.53 EPS, Q1 2023 earnings at $0.50 EPS, Q2 2023 earnings at $1.57 EPS, Q3 2023 earnings at $2.29 EPS, Q4 2023 earnings at $1.02 EPS and FY2023 earnings at $5.39 EPS.

Other equities research analysts have also recently issued reports about the company. Susquehanna Bancshares reissued a buy rating and set a $114.00 price objective on shares of Cirrus Logic in a research note on Tuesday, November 2nd. Zacks Investment Research cut Cirrus Logic from a buy rating to a hold rating and set a $99.00 price objective on the stock. in a research note on Tuesday, January 4th. Bank of America cut Cirrus Logic from a neutral rating to an underperform rating and reduced their price objective for the stock from $105.83 to $92.00 in a research note on Friday, September 17th. Susquehanna reissued a buy rating and set a $114.00 price objective on shares of Cirrus Logic in a research note on Tuesday, November 2nd. Finally, Colliers Securities reissued a buy rating on shares of Cirrus Logic in a research note on Tuesday, November 2nd. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Buy and an average price target of $107.34.

NASDAQ:CRUS opened at $94.30 on Tuesday. The company has a market capitalization of $5.39 billion, a P/E ratio of 23.28, a P/E/G ratio of 2.27 and a beta of 0.86. Cirrus Logic has a 12 month low of $71.11 and a 12 month high of $103.25. The business’s 50-day moving average is $86.31 and its 200 day moving average is $83.82.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Sunday, October 31st. The semiconductor company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.19. The company had revenue of $465.89 million for the quarter, compared to the consensus estimate of $450.38 million. Cirrus Logic had a return on equity of 18.40% and a net margin of 15.89%. The firm’s revenue for the quarter was up 34.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.07 earnings per share. Equities research analysts predict that Cirrus Logic will post 4.41 earnings per share for the current year.

In related news, CFO Thurman K. Case sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 7th. The stock was sold at an average price of $85.00, for a total value of $510,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Andrew Brannan sold 2,625 shares of the business’s stock in a transaction that occurred on Monday, December 13th. The shares were sold at an average price of $94.56, for a total value of $248,220.00. The disclosure for this sale can be found here. Insiders sold 55,893 shares of company stock valued at $4,909,130 in the last quarter. 1.83% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. lifted its holdings in Cirrus Logic by 678.4% during the third quarter. Rockefeller Capital Management L.P. now owns 397 shares of the semiconductor company’s stock worth $32,000 after buying an additional 346 shares during the period. JJJ Advisors Inc. lifted its holdings in Cirrus Logic by 28.0% during the third quarter. JJJ Advisors Inc. now owns 622 shares of the semiconductor company’s stock worth $51,000 after buying an additional 136 shares during the period. Van ECK Associates Corp lifted its holdings in Cirrus Logic by 135.6% during the second quarter. Van ECK Associates Corp now owns 728 shares of the semiconductor company’s stock worth $62,000 after buying an additional 419 shares during the period. Parisi Gray Wealth Management purchased a new stake in Cirrus Logic during the second quarter worth $82,000. Finally, Advisory Services Network LLC purchased a new stake in Cirrus Logic during the second quarter worth $83,000. Hedge funds and other institutional investors own 85.96% of the company’s stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc develops high-precision, analog and mixed-signal integrated circuits for a range of customers. It builds an analog and signal-processing patent portfolio. The firm delivers optimized products for a variety of audio, industrial and energy-related applications. Its product lines include portable audio products and non-portable audio and other products.

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