Cirrus Logic, Inc. (NASDAQ:CRUS) shares traded down 5.3% during trading on Monday . The stock traded as low as $51.80 and last traded at $52.20, 1,496,745 shares traded hands during mid-day trading. An increase of 115% from the average session volume of 697,522 shares. The stock had previously closed at $55.15.
Several research analysts have recently commented on the company. ValuEngine upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd. BidaskClub upgraded Cirrus Logic from a “buy” rating to a “strong-buy” rating in a report on Friday. Bank of America restated an “underperform” rating and set a $46.00 price target (up previously from $40.00) on shares of Cirrus Logic in a report on Thursday. MKM Partners boosted their price target on Cirrus Logic to $55.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 price target on the stock in a report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. Cirrus Logic has a consensus rating of “Buy” and an average target price of $50.13.
The company has a fifty day moving average of $45.45. The company has a current ratio of 4.30, a quick ratio of 3.98 and a debt-to-equity ratio of 0.12. The stock has a market cap of $3.08 billion, a PE ratio of 25.46, a PEG ratio of 2.49 and a beta of 0.94.
Several institutional investors and hedge funds have recently modified their holdings of the company. Advisor Group Inc. increased its position in Cirrus Logic by 71.8% in the fourth quarter. Advisor Group Inc. now owns 2,166 shares of the semiconductor company’s stock worth $71,000 after buying an additional 905 shares during the last quarter. Amundi Pioneer Asset Management Inc. purchased a new stake in Cirrus Logic in the fourth quarter worth $95,000. Thrivent Financial for Lutherans increased its position in Cirrus Logic by 5.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 15,497 shares of the semiconductor company’s stock worth $514,000 after buying an additional 795 shares during the last quarter. Legal & General Group Plc increased its position in Cirrus Logic by 6.2% in the fourth quarter. Legal & General Group Plc now owns 70,756 shares of the semiconductor company’s stock worth $2,348,000 after buying an additional 4,147 shares during the last quarter. Finally, Millennium Management LLC increased its position in Cirrus Logic by 219.6% in the fourth quarter. Millennium Management LLC now owns 349,175 shares of the semiconductor company’s stock worth $11,586,000 after buying an additional 239,918 shares during the last quarter. 84.60% of the stock is currently owned by hedge funds and other institutional investors.
About Cirrus Logic (NASDAQ:CRUS)
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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