Cirrus Logic (NASDAQ:CRUS) Earns Market Perform Rating from Cowen

Cowen restated their market perform rating on shares of Cirrus Logic (NASDAQ:CRUS) in a report released on Thursday, Briefing.com Automated Import reports. The firm currently has a $56.00 target price on the semiconductor company’s stock, up from their previous target price of $48.00.

Other research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Cirrus Logic from a hold rating to a strong-buy rating and set a $56.00 price objective for the company in a research report on Wednesday, May 8th. ValuEngine upgraded Cirrus Logic from a hold rating to a buy rating in a research report on Tuesday, July 2nd. MKM Partners increased their price objective on Cirrus Logic to $55.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Finally, BidaskClub upgraded Cirrus Logic from a hold rating to a buy rating in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of Buy and a consensus target price of $50.13.

NASDAQ:CRUS traded down $1.93 during trading hours on Thursday, hitting $55.15. The company’s stock had a trading volume of 1,585,989 shares, compared to its average volume of 725,371. The company has a 50-day moving average price of $44.59. The firm has a market capitalization of $3.32 billion, a P/E ratio of 26.90, a PEG ratio of 2.58 and a beta of 0.94. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.30 and a quick ratio of 3.98. Cirrus Logic has a 52-week low of $31.25 and a 52-week high of $60.00.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.21. The firm had revenue of $238.25 million during the quarter, compared to analysts’ expectations of $221.08 million. Cirrus Logic had a return on equity of 10.96% and a net margin of 8.46%. Cirrus Logic’s revenue was down 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.28 earnings per share. On average, research analysts anticipate that Cirrus Logic will post 1.48 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Cirrus Logic by 3.3% in the first quarter. BlackRock Inc. now owns 7,917,404 shares of the semiconductor company’s stock valued at $333,085,000 after buying an additional 253,505 shares in the last quarter. Norges Bank purchased a new stake in Cirrus Logic during the 4th quarter worth about $33,900,000. Geode Capital Management LLC increased its position in Cirrus Logic by 4.2% during the 4th quarter. Geode Capital Management LLC now owns 814,830 shares of the semiconductor company’s stock worth $27,036,000 after purchasing an additional 32,736 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in Cirrus Logic by 35.8% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 700,863 shares of the semiconductor company’s stock worth $29,485,000 after purchasing an additional 184,619 shares in the last quarter. Finally, Royce & Associates LP increased its position in Cirrus Logic by 48.0% during the 1st quarter. Royce & Associates LP now owns 694,702 shares of the semiconductor company’s stock worth $29,226,000 after purchasing an additional 225,172 shares in the last quarter. Institutional investors and hedge funds own 84.62% 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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Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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