ValuEngine upgraded shares of Cirrus Logic (NASDAQ:CRUS) from a hold rating to a buy rating in a report issued on Friday morning.

CRUS has been the topic of several other research reports. Craig Hallum decreased their target price on Cirrus Logic from $54.00 to $44.00 and set a hold rating on the stock in a research note on Tuesday, February 6th. Zacks Investment Research lowered Cirrus Logic from a hold rating to a sell rating in a research note on Wednesday, January 31st. Canaccord Genuity reissued a buy rating and set a $76.00 target price on shares of Cirrus Logic in a research note on Friday, November 3rd. BidaskClub lowered Cirrus Logic from a sell rating to a strong sell rating in a research note on Tuesday, December 12th. Finally, Northland Securities reissued a buy rating and set a $60.00 target price on shares of Cirrus Logic in a research note on Tuesday, February 6th. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company. Cirrus Logic currently has a consensus rating of Hold and an average price target of $60.92.

Cirrus Logic (NASDAQ CRUS) opened at $42.38 on Friday. Cirrus Logic has a 12 month low of $39.51 and a 12 month high of $71.97. The company has a market capitalization of $2,700.00, a price-to-earnings ratio of 15.24, a PEG ratio of 1.23 and a beta of -0.02.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Monday, February 5th. The semiconductor company reported $1.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.78 by ($0.19). Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. The business had revenue of $482.70 million during the quarter, compared to analyst estimates of $530.99 million. During the same period last year, the company earned $1.87 EPS. The business’s revenue for the quarter was down 7.7% on a year-over-year basis. research analysts predict that Cirrus Logic will post 3.78 earnings per share for the current year.

Cirrus Logic announced that its Board of Directors has authorized a stock buyback program on Monday, February 5th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

In other Cirrus Logic news, Director Christine King sold 562 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $49.75, for a total transaction of $27,959.50. Following the sale, the director now owns 11,744 shares in the company, valued at approximately $584,264. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 6,140 shares of company stock worth $328,552. 1.92% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Cirrus Logic by 2.9% in the 4th quarter. BlackRock Inc. now owns 7,070,636 shares of the semiconductor company’s stock valued at $366,682,000 after acquiring an additional 197,960 shares during the last quarter. LSV Asset Management increased its holdings in shares of Cirrus Logic by 0.7% in the 4th quarter. LSV Asset Management now owns 3,198,586 shares of the semiconductor company’s stock valued at $165,878,000 after acquiring an additional 21,327 shares during the last quarter. State Street Corp increased its holdings in shares of Cirrus Logic by 2.2% in the 2nd quarter. State Street Corp now owns 2,274,959 shares of the semiconductor company’s stock valued at $142,688,000 after acquiring an additional 48,716 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Cirrus Logic by 7.8% in the 4th quarter. Bank of New York Mellon Corp now owns 1,764,220 shares of the semiconductor company’s stock valued at $91,491,000 after acquiring an additional 127,027 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. increased its holdings in shares of Cirrus Logic by 86.5% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 1,623,684 shares of the semiconductor company’s stock valued at $84,204,000 after acquiring an additional 753,200 shares during the last quarter. Institutional investors and hedge funds own 89.58% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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