Cowen initiated coverage on shares of Cirrus Logic (NASDAQ:CRUS) in a report released on Thursday morning, Marketbeat Ratings reports. The brokerage issued a market perform rating and a $40.00 target price on the semiconductor company’s stock.
Other analysts also recently issued research reports about the stock. TheStreet downgraded shares of Cirrus Logic from a b- rating to a c+ rating in a research report on Tuesday, April 17th. Barclays dropped their target price on shares of Cirrus Logic from $45.00 to $36.00 and set an underweight rating on the stock in a research report on Tuesday, February 6th. Needham & Company LLC downgraded shares of Cirrus Logic from a buy rating to a hold rating in a research report on Tuesday, February 6th. ValuEngine raised shares of Cirrus Logic from a hold rating to a buy rating in a research report on Friday, February 9th. Finally, Northland Securities reissued a buy rating and set a $60.00 target price on shares of Cirrus Logic in a research report on Tuesday, February 6th. Five analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Cirrus Logic has a consensus rating of Hold and a consensus price target of $56.91.
NASDAQ:CRUS opened at $38.06 on Thursday. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 10.31, a P/E/G ratio of 1.33 and a beta of 0.26. Cirrus Logic has a twelve month low of $34.78 and a twelve month high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, May 2nd. The semiconductor company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.07). The company had revenue of $303.20 million for the quarter, compared to analysts’ expectations of $316.57 million. Cirrus Logic had a return on equity of 20.50% and a net margin of 10.57%. The firm’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.85 EPS. equities analysts expect that Cirrus Logic will post 2.58 earnings per share for the current year.
Cirrus Logic announced that its board has approved a stock repurchase plan on Monday, February 5th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
Several hedge funds have recently added to or reduced their stakes in CRUS. BlackRock Inc. boosted its holdings in shares of Cirrus Logic by 11.4% in the 1st quarter. BlackRock Inc. now owns 7,875,410 shares of the semiconductor company’s stock valued at $319,978,000 after acquiring an additional 804,774 shares during the last quarter. Old Mutual Global Investors UK Ltd. lifted its stake in shares of Cirrus Logic by 86.5% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 1,623,684 shares of the semiconductor company’s stock valued at $84,204,000 after purchasing an additional 753,200 shares during the period. Schroder Investment Management Group lifted its stake in shares of Cirrus Logic by 7,628.2% in the 4th quarter. Schroder Investment Management Group now owns 497,003 shares of the semiconductor company’s stock valued at $25,775,000 after purchasing an additional 490,572 shares during the period. Letko Brosseau & Associates Inc. acquired a new position in shares of Cirrus Logic in the 4th quarter valued at $19,996,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Cirrus Logic in the 4th quarter valued at $11,923,000. 89.21% of the stock is currently owned by institutional investors and hedge funds.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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