Cirrus Logic (NASDAQ:CRUS) Shares Gap Up After Analyst Upgrade

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report)'s stock price gapped up prior to trading on Wednesday after Benchmark upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $101.39, but opened at $112.00. Benchmark now has a $125.00 price target on the stock. Cirrus Logic shares last traded at $104.61, with a volume of 207,856 shares changing hands.

Other research analysts have also issued reports about the company. Susquehanna boosted their target price on Cirrus Logic from $135.00 to $140.00 and gave the stock a "positive" rating in a report on Monday, November 18th. StockNews.com raised shares of Cirrus Logic from a "hold" rating to a "buy" rating in a research report on Tuesday, December 3rd. Barclays lifted their target price on shares of Cirrus Logic from $105.00 to $115.00 and gave the stock an "equal weight" rating in a report on Wednesday. Stifel Nicolaus cut their price objective on shares of Cirrus Logic from $165.00 to $140.00 and set a "buy" rating for the company in a research report on Tuesday, November 5th. Finally, Loop Capital began coverage on Cirrus Logic in a research report on Tuesday, November 12th. They issued a "buy" rating and a $130.00 target price on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $132.86.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $100.00, for a total transaction of $205,100.00. Following the sale, the executive vice president now directly owns 8,330 shares in the company, valued at $833,000. This represents a 19.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.02% of the stock is currently owned by corporate insiders.

Institutional Trading of Cirrus Logic

A number of institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC lifted its stake in Cirrus Logic by 6.3% during the third quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company's stock worth $456,862,000 after purchasing an additional 217,404 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Cirrus Logic by 44.0% during the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company's stock worth $126,247,000 after buying an additional 387,346 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cirrus Logic by 4.7% in the third quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company's stock valued at $141,414,000 after buying an additional 50,582 shares in the last quarter. Allianz Asset Management GmbH grew its position in Cirrus Logic by 137.2% in the fourth quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company's stock valued at $104,049,000 after acquiring an additional 604,431 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Cirrus Logic by 21.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company's stock worth $89,527,000 after acquiring an additional 129,457 shares in the last quarter. Institutional investors own 87.96% of the company's stock.

Cirrus Logic Stock Up 2.3 %

The company has a 50 day simple moving average of $102.54 and a 200 day simple moving average of $115.71. The stock has a market cap of $5.67 billion, a price-to-earnings ratio of 19.38 and a beta of 0.91.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. As a group, analysts predict that Cirrus Logic, Inc. will post 5.21 earnings per share for the current fiscal year.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.