KeyCorp Increases Cirrus Logic (NASDAQ:CRUS) Price Target to $120.00

Cirrus Logic (NASDAQ:CRUS) had its price objective raised by KeyCorp from $105.00 to $120.00 in a report published on Tuesday morning, The Fly reports. KeyCorp currently has an overweight rating on the semiconductor company’s stock. KeyCorp also issued estimates for Cirrus Logic’s Q3 2022 earnings at $1.95 EPS, FY2022 earnings at $4.53 EPS, Q1 2023 earnings at $0.50 EPS, Q2 2023 earnings at $1.57 EPS, Q3 2023 earnings at $2.29 EPS, Q4 2023 earnings at $1.02 EPS and FY2023 earnings at $5.39 EPS.

Other analysts also recently issued research reports about the stock. Colliers Securities reiterated a buy rating on shares of Cirrus Logic in a report on Tuesday, November 2nd. Susquehanna Bancshares reiterated a buy rating and issued a $114.00 target price on shares of Cirrus Logic in a report on Tuesday, November 2nd. Zacks Investment Research downgraded shares of Cirrus Logic from a buy rating to a hold rating and set a $99.00 target price for the company. in a report on Tuesday, January 4th. Stifel Nicolaus restated a buy rating and issued a $112.00 price target on shares of Cirrus Logic in a research note on Thursday, September 16th. Finally, Bank of America downgraded shares of Cirrus Logic from a neutral rating to an underperform rating and dropped their price target for the stock from $105.83 to $92.00 in a research note on Friday, September 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $107.34.

Shares of NASDAQ CRUS opened at $94.30 on Tuesday. The company has a 50 day simple moving average of $86.31 and a 200-day simple moving average of $83.82. The company has a market capitalization of $5.39 billion, a P/E ratio of 23.28, a P/E/G ratio of 2.27 and a beta of 0.86. Cirrus Logic has a 1 year low of $71.11 and a 1 year high of $103.25.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Sunday, October 31st. The semiconductor company reported $1.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.19. Cirrus Logic had a net margin of 15.89% and a return on equity of 18.40%. The business had revenue of $465.89 million during the quarter, compared to the consensus estimate of $450.38 million. During the same quarter last year, the firm earned $1.07 EPS. The business’s revenue was up 34.1% compared to the same quarter last year. As a group, equities research analysts forecast that Cirrus Logic will post 4.41 earnings per share for the current fiscal year.

In related news, VP Jeffrey W. Baumgartner sold 25,290 shares of the business’s stock in a transaction on Tuesday, November 2nd. The shares were sold at an average price of $83.24, for a total value of $2,105,139.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Andrew Brannan sold 2,625 shares of the business’s stock in a transaction on Monday, December 13th. The shares were sold at an average price of $94.56, for a total transaction of $248,220.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,893 shares of company stock valued at $4,909,130. Corporate insiders own 1.83% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Cirrus Logic by 175.2% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 7,854 shares of the semiconductor company’s stock valued at $330,000 after buying an additional 5,000 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Cirrus Logic by 25.6% in the second quarter. Envestnet Asset Management Inc. now owns 34,203 shares of the semiconductor company’s stock valued at $2,911,000 after buying an additional 6,979 shares during the last quarter. First Mercantile Trust Co. raised its holdings in shares of Cirrus Logic by 10.7% in the second quarter. First Mercantile Trust Co. now owns 1,660 shares of the semiconductor company’s stock valued at $141,000 after buying an additional 161 shares during the last quarter. Citigroup Inc. raised its holdings in shares of Cirrus Logic by 8.0% in the second quarter. Citigroup Inc. now owns 26,699 shares of the semiconductor company’s stock valued at $2,272,000 after buying an additional 1,974 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Cirrus Logic by 135.6% in the second quarter. Van ECK Associates Corp now owns 728 shares of the semiconductor company’s stock valued at $62,000 after buying an additional 419 shares during the last quarter. 85.96% of the stock is owned by hedge funds and other institutional investors.

About Cirrus Logic

Cirrus Logic, Inc develops high-precision, analog and mixed-signal integrated circuits for a range of customers. It builds an analog and signal-processing patent portfolio. The firm delivers optimized products for a variety of audio, industrial and energy-related applications. Its product lines include portable audio products and non-portable audio and other products.

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