Cirrus Logic (NASDAQ:CRUS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday, January 12th.
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.”
Several other research analysts have also weighed in on CRUS. KeyCorp reiterated an “overweight” rating on shares of Cirrus Logic in a research note on Thursday, September 14th. Bank of America started coverage on shares of Cirrus Logic in a research report on Monday, September 18th. They issued an “underperform” rating and a $50.00 target price for the company. ValuEngine downgraded shares of 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 issued a $76.00 target price on shares of Cirrus Logic in a research report on Tuesday, September 19th. Finally, Craig Hallum reissued a “hold” rating and issued a $54.00 target price (down from $63.00) on shares of Cirrus Logic in a research report on Friday, November 3rd. Four analysts have rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $65.76.
Cirrus Logic (NASDAQ:CRUS) traded down $1.86 during trading on Friday, reaching $44.89. 2,886,664 shares of the company’s stock traded hands, compared to its average volume of 891,018. The firm has a market cap of $2,860.00, a price-to-earnings ratio of 10.98, a PEG ratio of 1.23 and a beta of -0.02. Cirrus Logic has a 1 year low of $44.87 and a 1 year high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, January 30th. The semiconductor company reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.78 by ($0.19). The company had revenue of $482.70 million during the quarter, compared to analyst estimates of $530.99 million. Cirrus Logic had a net margin of 17.11% and a return on equity of 25.37%. The firm’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.87 EPS. equities research analysts predict that Cirrus Logic will post 4.18 earnings per share for the current fiscal year.
In related news, Director Christine King sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $54.14, for a total transaction of $270,700.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have sold 5,943 shares of company stock valued at $318,674. 1.92% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CRUS. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Cirrus Logic by 72.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock worth $138,000 after buying an additional 1,086 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in shares of Cirrus Logic by 96.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock worth $157,000 after buying an additional 1,372 shares during the period. ETRADE Capital Management LLC bought a new stake in shares of Cirrus Logic during the 2nd quarter worth $201,000. Sapphire Star Partners LP bought a new stake in shares of Cirrus Logic during the 3rd quarter worth $211,000. Finally, Rational Advisors LLC bought a new stake in shares of Cirrus Logic during the 3rd quarter worth $213,000. 89.58% of the stock is owned by institutional investors and hedge funds.
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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.
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