Cirrus Logic (NASDAQ:CRUS) Rating Increased to Buy at Benchmark

Benchmark upgraded shares of Cirrus Logic (NASDAQ:CRUS - Free Report) from a hold rating to a buy rating in a report released on Wednesday morning, MarketBeat Ratings reports. They currently have $125.00 price objective on the semiconductor company's stock.

Several other equities research analysts also recently weighed in on the company. Barclays increased their price objective on Cirrus Logic from $105.00 to $115.00 and gave the company an "equal weight" rating in a report on Wednesday. Loop Capital initiated coverage on shares of Cirrus Logic in a report on Tuesday, November 12th. They issued a "buy" rating and a $130.00 target price for the company. Susquehanna raised their price target on Cirrus Logic from $135.00 to $140.00 and gave the stock a "positive" rating in a report on Monday, November 18th. Stifel Nicolaus reduced their price objective on Cirrus Logic from $165.00 to $140.00 and set a "buy" rating for the company in a research note on Tuesday, November 5th. Finally, StockNews.com upgraded Cirrus Logic from a "hold" rating to a "buy" rating in a research note on Tuesday, December 3rd. One research 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.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $132.86.

Cirrus Logic Trading Up 2.3 %

NASDAQ:CRUS traded up $2.36 during midday trading on Wednesday, hitting $106.77. 1,261,329 shares of the company were exchanged, compared to its average volume of 761,861. Cirrus Logic has a fifty-two week low of $81.30 and a fifty-two week high of $147.46. The company has a market capitalization of $5.67 billion, a PE ratio of 19.38 and a beta of 0.91. The company has a fifty day simple moving average of $102.54 and a 200 day simple moving average of $115.71.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing analysts' consensus estimates of $2.36 by ($0.21). Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. As a group, equities research analysts expect that Cirrus Logic will post 5.21 EPS for the current year.

Insider Activity at Cirrus Logic

In other 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 value of $205,100.00. Following the completion of the transaction, the executive vice president now owns 8,330 shares in the company, valued at $833,000. This trade represents a 19.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.02% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its stake in shares of Cirrus Logic by 21.9% during the 3rd 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. Geode Capital Management LLC boosted its position in Cirrus Logic by 4.7% during the third quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company's stock worth $141,414,000 after purchasing an additional 50,582 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Cirrus Logic by 30.4% in the third quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company's stock valued at $36,811,000 after purchasing an additional 69,006 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Cirrus Logic by 52.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company's stock valued at $123,000 after buying an additional 329 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC acquired a new position in shares of Cirrus Logic during the 3rd quarter worth $1,752,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

About Cirrus Logic

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.