S&P 500 falls after giving up gains as Oracle slump weighs on tech
Cirrus Logic Inc. stock reached a 52-week high, climbing to 129.21 USD, capping an impressive six-month rally of nearly 53%. According to InvestingPro analysis, the stock currently appears undervalued, with a perfect Piotroski Score of 9 indicating strong financial health. This milestone reflects a notable upward trend for the semiconductor company, which has seen a 1-year change of 9.87%. The increase highlights investor confidence and strong market performance, with the stock delivering a 27.7% return year-to-date. Cirrus Logic, known for its audio and voice signal processing components, continues to benefit from robust demand in the tech sector, trading at a P/E ratio of 20x while maintaining excellent financial health. InvestingPro subscribers have access to 13 additional actionable insights about CRUS, including detailed valuation metrics and growth indicators.
In other recent news, Cirrus Logic reported impressive first-quarter results, with revenue reaching $407.3 million, surpassing Stifel’s estimate of $360 million by 13.1%. The company also delivered earnings per share 38% ahead of expectations, with guidance for the next quarter projected to be 8% to 10% above consensus. Following these results, Benchmark reiterated its Buy rating with a $125 price target, while Stifel also maintained its Buy rating, raising its price target from $120 to $130. In a strategic move, Cirrus Logic expanded its partnership with GlobalFoundries to develop new Bipolar-CMOS-DMOS (BCD) process technologies, enhancing power efficiency and reducing chip size. This collaboration will utilize GlobalFoundries’ facility in Malta, New York, adding a U.S.-based production option. Stifel emphasized the significance of Cirrus Logic’s growing presence in the laptop market, particularly with top manufacturers like Dell, HP, and Lenovo. These developments underscore Cirrus Logic’s strategic initiatives and market performance, as noted by Stifel and Benchmark.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.