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

Investment analysts at Loop Capital assumed coverage on shares of Cirrus Logic (NASDAQ:CRUS) in a research report issued to clients and investors on Tuesday. The brokerage set a “buy” rating and a $130.00 price target on the semiconductor company’s stock. Loop Capital’s price objective indicates a potential upside of 29.49% from the company’s current price.

Several other research analysts have also recently weighed in on CRUS. Barclays dropped 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. Susquehanna decreased their price target on Cirrus Logic from $160.00 to $135.00 and set a “positive” rating on the stock in a report on Tuesday, November 5th. StockNews.com lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Stifel Nicolaus cut their target price on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Finally, KeyCorp lifted their price target on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Cirrus Logic currently has an average rating of “Moderate Buy” and an average target price of $131.67.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $100.39 on Tuesday. The business’s fifty day moving average is $120.23 and its two-hundred day moving average is $122.71. The firm has a market cap of $5.33 billion, a P/E ratio of 17.02 and a beta of 0.96. Cirrus Logic has a 52 week low of $73.74 and a 52 week high of $147.46.

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

Institutional Trading of Cirrus Logic

A number of institutional investors and hedge funds have recently modified their holdings of CRUS. Huntington National Bank boosted its stake in Cirrus Logic by 10,500.0% during the 3rd quarter. Huntington National Bank now owns 212 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 210 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Cirrus Logic by 98.4% during the third quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 120 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Cirrus Logic in the 3rd quarter valued at $31,000. Versant Capital Management Inc increased its position in shares of Cirrus Logic by 1,911.1% in the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock valued at $46,000 after buying an additional 344 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Cirrus Logic by 79.5% during the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock worth $61,000 after acquiring an additional 210 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

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.