The Vanguard Group, Inc. recently announced the acquisition of new stake in Cirrus Logic Inc. (NASDAQ:CRUS). The institutional investor has increased its shareholding in the Technology company by 1.15% to 6.01 million shares with purchase of 68411.0 shares. This fresh investment now brings its stake to 10.92% valued currently at $449.22 million. In addition, SSgA Funds Management, Inc. raised its holdings by 57270.0 to 2.0 million shares. And Wellington Management Co. LLP has lifted its position by 0.92% or 18022.0 shares – to 1.97 million shares.
With over 0.37 million Cirrus Logic Inc. (CRUS) shares trading Tuesday and a closing price of $81.29 on the day, the dollar volume was approximately $30.32 million. The shares have shown a positive half year performance of 12.92% and its price on 01/10/23 gained nearly 0.41%. Currently, there are 55.73M common shares owned by the public and among those 54.87M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for CRUS have a consensus price objective of $90.67. The analysts have set the share’s price value over the next 12 months at a high of $100.00 and a low of $75.00. The average price target is 10.66% above its recent price level and a downside to the estimated low will see the stock lose -8.39% over that period. But an upside of 18.71% will see the stock hit the forecast high price target while median target price for the stock is $90.00.
Insiders at the company have transacted a total of 66 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 35 of these insider trades were purchases, accounting for 127,615 shares. Insider sales of the common stock occurred on 31 occasions, with total insider shares sold totaling 82,060 shares.
The top 3 mutual fund holders in Cirrus Logic Inc. are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Fidelity Growth Company Fund. iShares Core S&P Mid Cap ETF owns 1.7 million shares of the company’s stock, all valued at over $127.04 million. The company sold 326.0 shares recently to bring their total holdings to about 3.09% of the shares outstanding. Vanguard Total Stock Market Index bought 1940.0 shares to see its total holdings expand to 1.69 million shares valued at over $126.43 million and representing 3.07% of the shares outstanding. Fidelity Growth Company Fund sold 35441.0 shares to bring its total holdings to over 1.49 million shares at a value of $111.05 million. Fidelity Growth Company Fund now owns shares totaling to 2.70% of the shares outstanding.
Shares of Cirrus Logic Inc. (NASDAQ: CRUS) opened at $81.01, up $0.05 from a prior closing price of $80.96. However, the script later moved the day high at 81.94, up 0.41%. The company’s stock has a 5-day price change of 12.28% and 22.33% over the past three months. CRUS shares are trading 9.14% year to date (YTD), with the 12-month market performance down to -7.80% lower. It has a 12-month low price of $61.94 and touched a high of $95.84 over the same period. CRUS has an average intraday trading volume of 511.96K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.63%, 9.88%, and 6.52% respectively.
Institutional ownership of Cirrus Logic Inc. (NASDAQ: CRUS) shares accounts for 95.40% of the company’s 55.73M shares outstanding. Mutual fund holders own 38.71%, while other institutional holders and individual stakeholders account for 55.40% and 18.20% respectively.
It has a market capitalization of $4.30B and a beta (3y monthly) value of 0.99. The stock’s trailing 12-month PE ratio is 13.52, while the earnings-per-share (ttm) stands at $6.01. The company has a PEG of 2.76 and a Quick Ratio of 2.80 with the debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.96% over the week and 2.72% over the month.
Analysts forecast that Cirrus Logic Inc. (CRUS) will achieve an EPS of $1.44 for the current quarter, $1.88 for the next quarter and $6.15 for 2024. The lowest estimate earnings-per-share for the quarter is $1.32 while analysts give the company a high EPS estimate of $1.48. Comparatively, EPS for the current quarter was $1.82 a year ago. Earnings per share for the fiscal year are expected to increase by 52.50%, and 8.51% over the next financial year. EPS should shrink at an annualized rate of 4.90% over the next five years, compared to 7.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Cirrus Logic Inc. (CRUS) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 2 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CRUS, a number of firms have released research notes about the stock. Barclays stated their Overweight rating for the stock in a research note on January 12, 2022, with the firm’s price target at $100-$120. BofA Securities coverage for the Cirrus Logic Inc. (CRUS) stock in a research note released on September 17, 2021 offered a Underperform rating with a price target of $92. Barclays was of a view on September 07, 2021 that the stock is Overweight, while Craig Hallum gave the stock Buy rating on July 29, 2021, issuing a price target of $105. The Benchmark Company on their part issued Buy rating on July 29, 2021.