Loop Capital Begins Coverage on Cirrus Logic (NASDAQ:CRUS)

Loop Capital began coverage on shares of Cirrus Logic (NASDAQ:CRUS) in a research report report published on Tuesday morning. The firm issued a buy rating and a $130.00 price target on the semiconductor company’s stock.

A number of other equities research analysts have also commented on CRUS. StockNews.com lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Stifel Nicolaus dropped their target price on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Susquehanna reduced their price target on shares of Cirrus Logic from $160.00 to $135.00 and set a “positive” rating for the company in a report on Tuesday, November 5th. Barclays lowered their price objective on shares of Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Finally, KeyCorp boosted their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.67.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $101.50 on Tuesday. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of 17.20 and a beta of 0.96. The company’s 50 day simple moving average is $119.50 and its 200 day simple moving average is $122.57. Cirrus Logic has a fifty-two week low of $74.80 and a fifty-two week high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.23. The company had revenue of $541.90 million during the quarter, compared to analyst estimates of $520.53 million. Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. The firm’s revenue was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.43 EPS. As a group, analysts predict that Cirrus Logic will post 5.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Cirrus Logic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRUS. Paloma Partners Management Co grew its holdings in shares of Cirrus Logic by 6.5% in the 3rd quarter. Paloma Partners Management Co now owns 4,258 shares of the semiconductor company’s stock valued at $529,000 after acquiring an additional 258 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new position in Cirrus Logic during the third quarter valued at approximately $16,340,000. Verition Fund Management LLC grew its stake in Cirrus Logic by 1,225.0% in the third quarter. Verition Fund Management LLC now owns 21,333 shares of the semiconductor company’s stock valued at $2,650,000 after purchasing an additional 19,723 shares in the last quarter. Captrust Financial Advisors increased its position in shares of Cirrus Logic by 5.3% during the 3rd quarter. Captrust Financial Advisors now owns 2,838 shares of the semiconductor company’s stock worth $353,000 after purchasing an additional 142 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cirrus Logic by 6.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,928 shares of the semiconductor company’s stock worth $1,482,000 after purchasing an additional 686 shares in the last quarter. 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.