Oppenheimer Holdings Inc. reissued their outperform rating on shares of Cirrus Logic Inc. (NASDAQ:CRUS) in a research note published on Sunday. Oppenheimer Holdings Inc. currently has a $60.00 price target on the stock, up from their previous price target of $50.00.
CRUS has been the topic of several other research reports. Pacific Crest reissued an equal weight rating on shares of Cirrus Logic in a research note on Friday, July 29th. Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $62.00 to $68.00 and gave the company a buy rating in a report on Friday. Canaccord Genuity boosted their target price on shares of Cirrus Logic from $65.00 to $70.00 and gave the company a buy rating in a report on Friday. Needham & Company LLC boosted their target price on shares of Cirrus Logic from $50.00 to $55.00 and gave the company a buy rating in a report on Thursday, July 28th. Finally, Zacks Investment Research upgraded shares of Cirrus Logic from a hold rating to a strong-buy rating and set a $56.00 target price on the stock in a report on Monday, August 1st. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $53.10.
Cirrus Logic (NASDAQ:CRUS) opened at 55.34 on Friday. Cirrus Logic has a one year low of $25.09 and a one year high of $58.08. The company has a market cap of $3.46 billion, a PE ratio of 34.35 and a beta of 0.41. The stock has a 50 day moving average price of $53.22 and a 200 day moving average price of $43.91.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Thursday, October 27th. The company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.30. Cirrus Logic had a net margin of 11.78% and a return on equity of 19.41%. The company had revenue of $428.62 million for the quarter, compared to analysts’ expectations of $396.75 million. During the same quarter in the previous year, the firm posted $0.65 earnings per share. Cirrus Logic’s revenue for the quarter was up 39.7% on a year-over-year basis. On average, equities analysts anticipate that Cirrus Logic will post $3.28 EPS for the current fiscal year.
In related news, CEO Jason P. Rhode sold 90,156 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $48.57, for a total value of $4,378,876.92. Following the sale, the chief executive officer now owns 179,680 shares in the company, valued at approximately $8,727,057.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Scott Arnold Anderson sold 40,000 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $48.82, for a total transaction of $1,952,800.00. Following the completion of the sale, the vice president now owns 36,966 shares in the company, valued at approximately $1,804,680.12. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Aperio Group LLC raised its stake in Cirrus Logic by 16.1% in the first quarter. Aperio Group LLC now owns 9,836 shares of the company’s stock worth $358,000 after buying an additional 1,361 shares in the last quarter. BlackRock Inc. raised its stake in Cirrus Logic by 27.2% in the first quarter. BlackRock Inc. now owns 9,212 shares of the company’s stock worth $335,000 after buying an additional 1,972 shares in the last quarter. Credit Agricole S A acquired a new stake in Cirrus Logic during the first quarter worth $637,000. Nicholas Investment Partners LP acquired a new stake in Cirrus Logic during the first quarter worth $1,247,000. Finally, Geode Capital Management LLC raised its stake in Cirrus Logic by 0.9% in the first quarter. Geode Capital Management LLC now owns 572,093 shares of the company’s stock worth $20,829,000 after buying an additional 5,260 shares in the last quarter. Institutional investors own 89.23% of the company’s stock.
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