The stock of Cirrus Logic, Inc. (NASDAQ:CRUS) hit a new 52-week high and has $86.58 target or 49.00% above today’s $58.11 share price. The 7 months bullish chart indicates low risk for the $3.92 billion company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $86.58 price target is reached, the company will be worth $1.92 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 256,899 shares traded hands. Cirrus Logic, Inc. (NASDAQ:CRUS) has risen 63.34% since April 19, 2016 and is uptrending. It has outperformed by 59.48% the S&P500.
Cirrus Logic, Inc. (NASDAQ:CRUS) Ratings Coverage
Out of 9 analysts covering Cirrus Logic (NASDAQ:CRUS), 8 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 89% are positive. Cirrus Logic has been the topic of 16 analyst reports since July 23, 2015 according to StockzIntelligence Inc. On Thursday, October 13 the stock rating was maintained by Stifel Nicolaus with “Buy”. The rating was upgraded by Oppenheimer to “Outperform” on Thursday, January 28. The company was maintained on Thursday, July 23 by Rosenblatt. The rating was initiated by Canaccord Genuity on Tuesday, June 21 with “Buy”. Dougherty & Company initiated the shares of CRUS in a report on Monday, November 30 with “Buy” rating. Craig Hallum initiated Cirrus Logic, Inc. (NASDAQ:CRUS) on Monday, November 21 with “Hold” rating. Stifel Nicolaus upgraded the shares of CRUS in a report on Thursday, July 23 to “Buy” rating. The stock of Cirrus Logic, Inc. (NASDAQ:CRUS) has “Buy” rating given on Friday, February 26 by Topeka Capital Markets. Canaccord Genuity maintained Cirrus Logic, Inc. (NASDAQ:CRUS) rating on Tuesday, September 20. Canaccord Genuity has “Buy” rating and $65 price target. The stock has “Buy” rating given by Canaccord Genuity on Friday, October 28.
According to Zacks Investment Research, “Cirrus Logic Inc. is a premier supplier of high performance analog circuits and advanced mixed-signal chip solutions. The company’s products, sold under its own name and the Crystal product brand, enable system-level applications in mass storage, audio and precision data conversion. (PRESS RELEASE)”
Insitutional Activity: The institutional sentiment decreased to 0.88 in Q2 2016. Its down 0.14, from 1.02 in 2016Q1. The ratio dived, as 29 funds sold all Cirrus Logic, Inc. shares owned while 91 reduced positions. 40 funds bought stakes while 82 increased positions. They now own 54.90 million shares or 1.26% less from 55.60 million shares in 2016Q1.
State Street Corp last reported 0.01% of its portfolio in the stock. Gerstein Fisher, a New York-based fund reported 24,162 shares. Boston Advsrs Ltd Liability Corp accumulated 17,625 shares or 0.02% of the stock. Cambridge Inv has invested 0.01% of its portfolio in Cirrus Logic, Inc. (NASDAQ:CRUS). Federated Investors Incorporated Pa holds 0% of its portfolio in Cirrus Logic, Inc. (NASDAQ:CRUS) for 12,369 shares. Price T Rowe Associate Md last reported 408,226 shares in the company. Ao Asset Mgmt Llc has 2.1% invested in the company for 207,000 shares. Arizona State Retirement Systems holds 32,298 shares or 0.02% of its portfolio. Friess Associate Ltd Liability last reported 305,480 shares in the company. Moreover, Pinebridge Invests L P has 0.02% invested in Cirrus Logic, Inc. (NASDAQ:CRUS) for 7,892 shares. Cupps Capital Management Llc accumulated 40,405 shares or 0.4% of the stock. Eventide Asset Mngmt Ltd Co last reported 500,000 shares in the company. Gotham Asset Lc accumulated 0% or 7,322 shares. Moreover, Holderness Invests has 2.39% invested in Cirrus Logic, Inc. (NASDAQ:CRUS) for 61,123 shares. Origin Asset Management Ltd Liability Partnership has invested 0.63% of its portfolio in Cirrus Logic, Inc. (NASDAQ:CRUS).
Insider Transactions: Since May 23, 2016, the stock had 0 buys, and 34 selling transactions for $39.84 million net activity. 4,239 shares were sold by FLUKE BRADLEY J, worth $233,201. On Friday, September 2 SHERMAN WILLIAM D sold $10,032 worth of the stock or 192 shares. Benson JoDee also sold $4.13 million worth of Cirrus Logic, Inc. (NASDAQ:CRUS) shares. CARTER JOHN C sold 6,108 shares worth $313,437. DAVERN ALEXANDER M also sold $359,008 worth of Cirrus Logic, Inc. (NASDAQ:CRUS) on Monday, November 7. Another trade for 26,480 shares valued at $1.44 million was made by THOMAS SCOTT on Monday, October 31. On Monday, August 8 the insider Carlson Randolph K sold $383,483.
More news for Cirrus Logic, Inc. (NASDAQ:CRUS) were recently published by: Fool.com, which released: “Why Cirrus Logic, Inc. Jumped Today” on October 28, 2016. Streetinsider.com‘s article titled: “Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates” and published on October 27, 2016 is yet another important article.
CRUS Company Profile
Cirrus Logic, Inc., incorporated on August 26, 1998, is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Firm develops analog and mixed-signal ICs for a range of customers. The Firm offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s products span the entire audio signal chain, from capture to playback, providing products for a range of smartphones, tablets, digital headsets, wearables and smart home applications. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas. The Firm offers products through both direct and indirect sales channels across the world.
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