Cirrus Logic (CRUS) Sets New 52-Week Low at $49.64
Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $49.64 and last traded at $50.40, with a volume of 1083300 shares. The stock had previously closed at $51.13.
CRUS has been the topic of a number of research reports. Canaccord Genuity reaffirmed a “buy” rating and issued a $76.00 price objective on shares of Cirrus Logic in a research note on Tuesday, September 19th. Northland Securities reaffirmed a “buy” rating on shares of Cirrus Logic in a research note on Friday, November 3rd. ValuEngine cut Cirrus Logic from a “buy” rating to a “hold” rating in a report on Monday, September 18th. Zacks Investment Research cut Cirrus Logic from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of Cirrus Logic in a report on Wednesday, September 13th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $67.05.
The firm has a market capitalization of $3,255.20, a price-to-earnings ratio of 11.67, a PEG ratio of 1.34 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.16. The business had revenue of $425.50 million during the quarter, compared to analyst estimates of $410.32 million. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. Cirrus Logic’s revenue was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $1.35 EPS. equities analysts expect that Cirrus Logic, Inc. will post 4.21 EPS for the current year.
In other Cirrus Logic news, Director Christine King sold 5,000 shares of Cirrus Logic stock in a transaction on Friday, September 15th. The stock was sold at an average price of $57.42, for a total transaction of $287,100.00. Following the completion of the sale, the director now directly owns 16,182 shares of the company’s stock, valued at approximately $929,170.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Bradley J. Fluke sold 7,325 shares of Cirrus Logic stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $53.44, for a total value of $391,448.00. Following the sale, the vice president now directly owns 12,000 shares of the company’s stock, valued at $641,280. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,881 shares of company stock valued at $1,251,772. 1.92% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Fortaleza Asset Management Inc. bought a new position in shares of Cirrus Logic in the 2nd quarter worth $102,000. Migdal Insurance & Financial Holdings Ltd. increased its position in Cirrus Logic by 72.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock valued at $138,000 after buying an additional 1,086 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in Cirrus Logic by 96.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock valued at $157,000 after buying an additional 1,372 shares in the last quarter. ETRADE Capital Management LLC acquired a new position in Cirrus Logic during the 2nd quarter valued at about $201,000. Finally, Sapphire Star Partners LP acquired a new position in Cirrus Logic during the 3rd quarter valued at about $211,000. 89.26% of the stock is owned by institutional investors and hedge funds.
Cirrus Logic Company Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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