Cirrus Logic (NASDAQ:CRUS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.
According to Zacks, “Cirrus Logic is a premier supplier of high-performance analog circuits and advanced mixed-signal chip solutions. Estimates have remained stable ahead of the company's third-quarter fiscal 2018 results. Continued investments in the audio segment have helped the company to come up with innovative products from time to time. This aids in attracting new customers and brings in additional revenues. Additionally, expansion in the LED market continues to drive growth. However, it should be noted that Cirrus Logic generates a significant portion of revenues from Apple. This means that there is always an inherent risk of losing an Apple design contract, which will significantly hurt the company’s financials. Moreover, the company faces competition from peers, which also remains a concern. Notably, shares of the company have underperformed the industry over the past one year.”
A number of other equities analysts also recently weighed in on the stock. Bank of America started coverage on shares of Cirrus Logic in a research note on Monday, September 18th. They issued an “underperform” rating and a $50.00 price target on the stock. BidaskClub downgraded shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research note on Wednesday, December 6th. Craig Hallum reaffirmed a “hold” rating and issued a $54.00 price target (down from $63.00) on shares of Cirrus Logic in a research note on Friday, November 3rd. Vetr downgraded shares of Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 price target on the stock. in a research note on Monday, December 18th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Cirrus Logic in a research note on Thursday, September 14th. Five research analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $65.76.
Shares of Cirrus Logic (CRUS) opened at $52.84 on Friday. Cirrus Logic has a one year low of $48.61 and a one year high of $71.97. The stock has a market cap of $3,364.06 and a price-to-earnings ratio of 12.06.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.16. Cirrus Logic had a net margin of 17.11% and a return on equity of 25.37%. The company had revenue of $425.50 million for the quarter, compared to the consensus estimate of $410.32 million. During the same period in the previous year, the business earned $1.35 EPS. The company’s revenue was down .7% on a year-over-year basis. equities research analysts anticipate that Cirrus Logic will post 4.21 EPS for the current year.
In related news, Director Christine King sold 562 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $49.75, for a total value of $27,959.50. Following the completion of the sale, the director now directly owns 11,744 shares in the company, valued at $584,264. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 11,123 shares of company stock valued at $601,268 over the last quarter. 1.92% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of CRUS. Old Mutual Global Investors UK Ltd. boosted its holdings in Cirrus Logic by 187.2% in 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 purchasing an additional 567,354 shares in the last quarter. Koch Industries Inc. boosted its holdings in Cirrus Logic by 3,884.7% in the second quarter. Koch Industries Inc. now owns 494,467 shares of the semiconductor company’s stock worth $487,000 after purchasing an additional 482,058 shares in the last quarter. Prudential Financial Inc. boosted its holdings in Cirrus Logic by 69.6% in the third quarter. Prudential Financial Inc. now owns 967,033 shares of the semiconductor company’s stock worth $51,562,000 after purchasing an additional 396,890 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Cirrus Logic by 111.7% in the second quarter. JPMorgan Chase & Co. now owns 565,509 shares of the semiconductor company’s stock worth $35,470,000 after purchasing an additional 298,388 shares in the last quarter. Finally, Teachers Advisors LLC boosted its holdings in Cirrus Logic by 230.6% in the second quarter. Teachers Advisors LLC now owns 397,156 shares of the semiconductor company’s stock worth $24,910,000 after purchasing an additional 277,015 shares in the last quarter. Hedge funds and other institutional investors own 89.25% of the company’s stock.
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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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