Today, Stifel Nicolaus Raises Cirrus Logic Inc. (CRUS) Price Target to $62.00

Today, Stifel Nicolaus Raises Cirrus Logic Inc. (CRUS) Price Target to $62.00

Cirrus Logic Inc. (NASDAQ:CRUS) had its price target hoisted by Stifel Nicolaus from $58.00 to $62.00 in a research report released on Thursday morning. They currently have a buy rating on the stock.

Several other research analysts have also recently weighed in on the stock. Canaccord Genuity started coverage on shares of Cirrus Logic in a report on Tuesday, June 21st. They issued a buy rating and a $52.00 price target on the stock. 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 research report on Monday, August 1st. Needham & Company LLC restated a buy rating and set a $55.00 target price on shares of Cirrus Logic in a research report on Thursday, August 4th. Pacific Crest restated an equal weight rating on shares of Cirrus Logic in a research report on Monday, August 29th. Finally, Oppenheimer Holdings Inc. restated an outperform rating and set a $45.00 target price on shares of Cirrus Logic in a research report on Wednesday, July 27th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Cirrus Logic has a consensus rating of Buy and a consensus target price of $49.50.

Shares of Cirrus Logic (NASDAQ:CRUS) opened at 53.29 on Thursday. The firm’s 50-day moving average price is $52.68 and its 200-day moving average price is $42.89. Cirrus Logic has a 12-month low of $25.09 and a 12-month high of $58.08. The firm has a market capitalization of $3.33 billion, a P/E ratio of 33.08 and a beta of 0.41.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.16. The firm had revenue of $259.40 million for the quarter, compared to analysts’ expectations of $236.67 million. Cirrus Logic had a net margin of 9.26% and a return on equity of 14.44%. The business’s revenue was down 8.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 EPS. Equities analysts predict that Cirrus Logic will post $3.28 earnings per share for the current fiscal year.

In other news, CEO Jason P. Rhode sold 90,156 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $48.57, for a total transaction of $4,378,876.92. Following the completion of the transaction, the chief executive officer now owns 179,680 shares of the company’s stock, valued at $8,727,057.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David J. Tupman sold 1,500 shares of the firm’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $40.62, for a total transaction of $60,930.00. Following the transaction, the director now directly owns 2,500 shares of the company’s stock, valued at approximately $101,550. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in CRUS. Hood River Capital Management LLC increased its position in Cirrus Logic by 2.8% in the second quarter. Hood River Capital Management LLC now owns 334,438 shares of the company’s stock valued at $12,973,000 after buying an additional 8,961 shares during the last quarter. Cortina Asset Management LLC increased its position in shares of Cirrus Logic by 51.1% in the second quarter. Cortina Asset Management LLC now owns 697,353 shares of the company’s stock worth $27,050,000 after buying an additional 235,878 shares in the last quarter. Artemis Investment Management LLP purchased a new position in shares of Cirrus Logic during the second quarter worth $15,251,000. CIBC World Markets Inc. purchased a new position in shares of Cirrus Logic during the second quarter worth $1,023,000. Finally, Geode Capital Management LLC increased its position in shares of 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. 89.23% of the stock is owned by hedge funds and other institutional investors.

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