Cirrus Logic (NASDAQ:CRUS) was upgraded by stock analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued on Tuesday.
Several other research analysts have also weighed in on CRUS. Needham & Company LLC lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Tuesday, February 6th. Craig Hallum dropped their target price on Cirrus Logic from $54.00 to $44.00 and set a “hold” rating on the stock in a research report on Tuesday, February 6th. Bank of America dropped their target price on Cirrus Logic from $50.00 to $41.00 and set a “sell” rating on the stock in a research report on Tuesday, February 6th. Stifel Nicolaus dropped their target price on Cirrus Logic from $75.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th. Finally, Zacks Investment Research lowered Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Wednesday, January 31st. Five analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $60.22.
Cirrus Logic (CRUS) opened at $45.14 on Tuesday. Cirrus Logic has a 52-week low of $39.51 and a 52-week high of $71.97. The firm has a market capitalization of $2,860.00, a PE ratio of 12.33, a price-to-earnings-growth ratio of 1.33 and a beta of 0.11.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Monday, February 5th. The semiconductor company reported $1.59 earnings per share for the quarter, missing the consensus estimate of $1.78 by ($0.19). Cirrus Logic had a return on equity of 22.60% and a net margin of 11.89%. The firm had revenue of $482.70 million during the quarter, compared to analyst estimates of $530.99 million. During the same period in the previous year, the company earned $1.87 earnings per share. The business’s revenue for the quarter was down 7.7% on a year-over-year basis. equities research analysts predict that Cirrus Logic will post 3.78 EPS for the current year.
Cirrus Logic declared that its Board of Directors has approved a share buyback plan on Monday, February 5th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other Cirrus Logic news, Director Christine King sold 562 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $49.75, for a total value of $27,959.50. Following the sale, the director now owns 11,744 shares of the company’s stock, valued at approximately $584,264. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Randolph K. Carlson sold 7,265 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $42.03, for a total value of $305,347.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,450 shares of company stock worth $363,121. 1.92% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRUS. Amundi Pioneer Asset Management Inc. acquired a new stake in Cirrus Logic in the 4th quarter valued at approximately $100,000. DekaBank Deutsche Girozentrale grew its holdings in Cirrus Logic by 96.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock valued at $157,000 after buying an additional 1,372 shares during the last quarter. Delpha Capital Management LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at approximately $161,000. Capital Fund Management S.A. acquired a new stake in Cirrus Logic in the 4th quarter valued at approximately $200,000. Finally, Rational Advisors LLC acquired a new stake in Cirrus Logic in the 3rd quarter valued at approximately $213,000. 91.49% of the stock is currently owned by hedge funds and other institutional investors.
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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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