BidaskClub downgraded shares of Cirrus Logic (NASDAQ:CRUS) from a hold rating to a sell rating in a research report sent to investors on Wednesday.
Other analysts also recently issued research reports about the stock. Stifel Nicolaus reissued a buy rating on shares of Cirrus Logic in a report on Wednesday, September 13th. Zacks Investment Research upgraded shares of Cirrus Logic from a hold rating to a buy rating and set a $62.00 target price for the company in a research report on Tuesday, October 3rd. ValuEngine upgraded shares of Cirrus Logic from a hold rating to a buy rating in a research report on Monday, October 2nd. Canaccord Genuity restated a buy rating and issued a $76.00 target price on shares of Cirrus Logic in a research report on Tuesday, September 19th. Finally, Needham & Company LLC restated a buy rating and issued a $80.00 target price on shares of Cirrus Logic in a research report on Friday, November 3rd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $67.05.
Shares of Cirrus Logic (NASDAQ:CRUS) opened at $49.98 on Wednesday. The company has a market cap of $3,173.07, a PE ratio of 11.38, a P/E/G ratio of 1.30 and a beta of 0.01. Cirrus Logic has a twelve month low of $48.61 and a twelve month high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.16. The firm had revenue of $425.50 million during the quarter, compared to the consensus estimate of $410.32 million. Cirrus Logic had a net margin of 17.11% and a return on equity of 25.37%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.35 EPS. equities analysts predict that Cirrus Logic will post 4.21 earnings per share for the current year.
In other news, Director Christine King sold 5,000 shares of the company’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $57.42, for a total value of $287,100.00. Following the sale, the director now directly owns 16,182 shares of the company’s stock, valued at approximately $929,170.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Bradley J. Fluke sold 7,325 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $53.44, for a total transaction of $391,448.00. Following the completion of the sale, the vice president now directly owns 12,000 shares in the company, valued at $641,280. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,881 shares of company stock valued at $1,251,772. Corporate insiders own 1.92% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of CRUS. Old Mutual Global Investors UK Ltd. boosted its stake in Cirrus Logic by 187.2% during the third quarter. Old Mutual Global Investors UK Ltd. now owns 870,484 shares of the semiconductor company’s stock worth $46,414,000 after acquiring an additional 567,354 shares in the last quarter. LSV Asset Management boosted its stake in Cirrus Logic by 27.3% during the second quarter. LSV Asset Management now owns 2,597,827 shares of the semiconductor company’s stock worth $162,935,000 after acquiring an additional 557,048 shares in the last quarter. Koch Industries Inc. boosted its stake in Cirrus Logic by 3,884.7% during the second quarter. Koch Industries Inc. now owns 494,467 shares of the semiconductor company’s stock worth $487,000 after acquiring an additional 482,058 shares in the last quarter. Prudential Financial Inc. raised its holdings in Cirrus Logic by 69.6% during the third quarter. Prudential Financial Inc. now owns 967,033 shares of the semiconductor company’s stock worth $51,562,000 after buying an additional 396,890 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Cirrus Logic by 111.7% during the second quarter. JPMorgan Chase & Co. now owns 565,509 shares of the semiconductor company’s stock worth $35,470,000 after buying an additional 298,388 shares during the last quarter. 89.26% of the stock is currently owned by institutional investors and hedge funds.
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About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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