Cirrus Logic (CRUS) Downgraded by BidaskClub

Cirrus Logic (CRUS) Downgraded by BidaskClub

BidaskClub downgraded shares of Cirrus Logic (NASDAQ:CRUS) from a hold rating to a sell rating in a research note released on Thursday morning.

Other equities research analysts have also issued reports about the company. Bank of America assumed coverage on Cirrus Logic in a research report on Monday, September 18th. They set an underperform rating and a $50.00 price target on the stock. ValuEngine lowered Cirrus Logic from a buy rating to a hold rating in a research report on Monday, September 18th. Canaccord Genuity reissued a buy rating and set a $76.00 price target on shares of Cirrus Logic in a research report on Tuesday, September 19th. Craig Hallum reissued a hold rating and set a $54.00 price target (down from $63.00) on shares of Cirrus Logic in a research report on Friday, November 3rd. Finally, Zacks Investment Research lowered Cirrus Logic from a buy rating to a hold rating in a research report on Tuesday, October 17th. Five analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. The stock has an average rating of Hold and an average target price of $65.76.

Cirrus Logic (NASDAQ:CRUS) traded up $0.50 during mid-day trading on Thursday, hitting $52.84. The company had a trading volume of 531,700 shares, compared to its average volume of 761,956. The firm has a market cap of $3,360.00 and a price-to-earnings ratio of 12.92. 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 results on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.16. The business had revenue of $425.50 million for the quarter, compared to analyst estimates of $410.32 million. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. The business’s revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.35 EPS. research analysts forecast that Cirrus Logic will post 4.21 earnings per share 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 stock was sold at an average price of $49.75, for a total transaction of $27,959.50. Following the completion of the transaction, the director now directly owns 11,744 shares in the company, valued at approximately $584,264. The sale was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders have sold 6,123 shares of company stock valued at $328,718. 1.92% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. King Luther Capital Management Corp bought a new position in Cirrus Logic during the 2nd quarter worth $1,101,000. Teachers Advisors LLC grew its stake in Cirrus Logic by 230.6% during the 2nd quarter. Teachers Advisors LLC now owns 397,156 shares of the semiconductor company’s stock worth $24,910,000 after buying an additional 277,015 shares during the last quarter. BlueMountain Capital Management LLC bought a new position in shares of Cirrus Logic in the second quarter worth $2,449,000. Principal Financial Group Inc. grew its stake in shares of Cirrus Logic by 4.3% in the second quarter. Principal Financial Group Inc. now owns 276,706 shares of the semiconductor company’s stock worth $17,355,000 after purchasing an additional 11,483 shares in the last quarter. Finally, Stevens Capital Management LP bought a new position in shares of Cirrus Logic in the second quarter worth $1,743,000. Hedge funds and other institutional investors own 89.34% of the company’s stock.

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Cirrus Logic Company Profile

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.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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BidaskClub cut shares of Cirrus Logic (NASDAQ:CRUS) from a hold rating to a sell rating in a research note issued to investors on Thursday.

Other research analysts also recently issued research reports about the stock. Bank of America began coverage on shares of Cirrus Logic in a report on Monday, September 18th. They set an underperform rating and a $50.00 price objective for the company. ValuEngine downgraded shares of Cirrus Logic from a buy rating to a hold rating in a report on Monday, September 18th. Canaccord Genuity reissued a buy rating and set a $76.00 price objective on shares of Cirrus Logic in a report on Tuesday, September 19th. Craig Hallum reissued a hold rating and set a $54.00 price objective (down previously from $63.00) on shares of Cirrus Logic in a report on Friday, November 3rd. Finally, Zacks Investment Research downgraded shares of Cirrus Logic from a buy rating to a hold rating in a report on Tuesday, October 17th. Five research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $65.76.

Cirrus Logic (NASDAQ:CRUS) traded up $0.50 on Thursday, hitting $52.84. 531,700 shares of the company’s stock traded hands, compared to its average volume of 761,956. Cirrus Logic has a twelve month low of $48.61 and a twelve month high of $71.97. The company has a market cap of $3,360.00 and a P/E ratio of 12.92.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 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 business had revenue of $425.50 million during the quarter, compared to the consensus estimate of $410.32 million. During the same quarter in the prior year, the firm earned $1.35 EPS. The business’s revenue was down .7% on a year-over-year basis. equities research 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 dated Wednesday, November 15th. The shares were sold at an average price of $54.14, for a total transaction of $270,700.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 6,123 shares of company stock worth $328,718 over the last 90 days. Corporate insiders own 1.92% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. King Luther Capital Management Corp purchased a new stake in shares of Cirrus Logic during the 2nd quarter valued at about $1,101,000. Teachers Advisors LLC raised its position in shares of Cirrus Logic by 230.6% during the 2nd quarter. Teachers Advisors LLC now owns 397,156 shares of the semiconductor company’s stock valued at $24,910,000 after buying an additional 277,015 shares in the last quarter. BlueMountain Capital Management LLC purchased a new stake in shares of Cirrus Logic during the 2nd quarter valued at about $2,449,000. Principal Financial Group Inc. raised its position in shares of Cirrus Logic by 4.3% during the 2nd quarter. Principal Financial Group Inc. now owns 276,706 shares of the semiconductor company’s stock valued at $17,355,000 after buying an additional 11,483 shares in the last quarter. Finally, Stevens Capital Management LP purchased a new stake in shares of Cirrus Logic during the 2nd quarter valued at about $1,743,000. Hedge funds and other institutional investors own 89.34% of the company’s stock.

COPYRIGHT VIOLATION WARNING: “Cirrus Logic (CRUS) Downgraded by BidaskClub” was originally reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this report on another domain, it was illegally copied and republished in violation of U.S. & international trademark & copyright law. The legal version of this report can be read at https://www.dispatchtribunal.com/2018/01/15/cirrus-logic-crus-downgraded-by-bidaskclub-2.html.

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.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

Receive News & Ratings for Cirrus Logic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic and related companies with MarketBeat.com's FREE daily email newsletter.

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