Research analysts at Cowen initiated coverage on shares of Cirrus Logic (NASDAQ:CRUS) in a research note issued to investors on Thursday. The brokerage set a “market perform” rating and a $40.00 price target on the semiconductor company’s stock. Cowen’s price target suggests a potential upside of 2.22% from the company’s current price.
Other equities analysts also recently issued research reports about the company. ValuEngine upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a report on Friday, February 9th. MKM Partners decreased their target price on Cirrus Logic to $54.00 and set a “buy” rating for the company in a report on Tuesday, February 6th. Northland Securities restated a “buy” rating and set a $60.00 target price on shares of Cirrus Logic in a report on Tuesday, February 6th. Stifel Nicolaus decreased their price objective on Cirrus Logic from $75.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, February 6th. Finally, Craig Hallum upgraded Cirrus Logic from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $44.00 to $43.00 in a report on Monday, April 30th. Five equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Cirrus Logic presently has a consensus rating of “Hold” and a consensus target price of $56.91.
Shares of Cirrus Logic stock traded down $0.01 during midday trading on Thursday, reaching $39.13. 596,606 shares of the company’s stock traded hands, compared to its average volume of 1,352,550. The company has a market cap of $2.46 billion, a PE ratio of 10.60, a P/E/G ratio of 1.36 and a beta of 0.26. Cirrus Logic has a 12 month low of $38.74 and a 12 month high of $39.19.
Cirrus Logic declared that its board has initiated a share repurchase program on Monday, February 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
A number of institutional investors and hedge funds have recently bought and sold shares of CRUS. Amundi Pioneer Asset Management Inc. bought a new position in Cirrus Logic in the fourth quarter worth $100,000. Delpha Capital Management LLC purchased a new stake in shares of Cirrus Logic in the fourth quarter worth $161,000. Capital Fund Management S.A. purchased a new stake in shares of Cirrus Logic in the fourth quarter worth $200,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Cirrus Logic by 43.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,401 shares of the semiconductor company’s stock worth $228,000 after acquiring an additional 1,333 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new stake in shares of Cirrus Logic in the first quarter worth $245,000. Institutional investors and hedge funds own 89.21% of the company’s stock.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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