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

Cirrus Logic, Inc. (NASDAQ:CRUS) shares gapped up prior to trading on Wednesday after Barclays raised their price target on the stock from $105.00 to $115.00. The stock had previously closed at $101.39, but opened at $112.00. Barclays currently has an equal weight rating on the stock. Cirrus Logic shares last traded at $104.61, with a volume of 207,856 shares changing hands.

A number of other equities research analysts also recently weighed in on CRUS. Susquehanna upped their price target on shares of Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a report on Monday, November 18th. Stifel Nicolaus cut their price target on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. StockNews.com raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Finally, Loop Capital initiated coverage on shares of Cirrus Logic in a research note on Tuesday, November 12th. They set a “buy” rating and a $130.00 price objective for the company. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $134.17.

Hedge Funds Weigh In On Cirrus Logic

A number of hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in shares of Cirrus Logic by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company’s stock valued at $89,527,000 after acquiring an additional 129,457 shares during the period. Geode Capital Management LLC boosted its position in shares of 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 acquiring an additional 50,582 shares during the period. JPMorgan Chase & Co. boosted its position in shares of 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 acquiring an additional 69,006 shares during the period. Northwestern Mutual Wealth Management Co. boosted 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 acquiring an additional 329 shares during the period. Finally, Sheaff Brock Investment Advisors LLC bought a new stake in shares of Cirrus Logic in the third quarter valued at approximately $1,752,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Stock Up 3.6 %

The stock has a market capitalization of $5.58 billion, a P/E ratio of 17.73 and a beta of 0.91. The firm has a 50-day moving average of $102.43 and a 200 day moving average of $116.21.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.21). Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. Analysts predict that Cirrus Logic, Inc. will post 5.21 EPS for the current fiscal year.

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.