Cirrus Logic, Inc. (NASDAQ:CRUS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “Cirrus Logic is a premier supplier of high-performance analog circuits and advanced mixed-signal chip solutions. It reported better-than-expected second-quarter results and provided encouraging third-quarter revenue guidance. 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. 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.”
Other equities analysts have also recently issued research reports about the stock. Stifel Nicolaus reissued a “buy” rating and issued a $75.00 price target on shares of Cirrus Logic in a research report on Thursday, August 3rd. BidaskClub cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 2nd. ValuEngine raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Canaccord Genuity reaffirmed a “buy” rating and set a $76.00 price objective on shares of Cirrus Logic in a research report on Tuesday, September 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of Cirrus Logic in a research report on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Cirrus Logic has an average rating of “Buy” and an average target price of $67.05.
Cirrus Logic (NASDAQ CRUS) traded down $0.43 during trading hours on Thursday, hitting $56.69. 646,900 shares of the company were exchanged, compared to its average volume of 952,581. Cirrus Logic has a 1 year low of $49.05 and a 1 year high of $71.97. The stock has a market cap of $3,609.17, a PE ratio of 12.94, a P/E/G ratio of 1.03 and a beta of 0.05.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to analysts’ expectations of $410.32 million. During the same quarter last year, the company posted $1.35 EPS. The firm’s revenue was down .7% compared to the same quarter last year. analysts forecast that Cirrus Logic will post 4.31 EPS for the current year.
In related news, Director Christine King sold 5,000 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $57.42, for a total transaction of $287,100.00. Following the sale, the director now owns 16,182 shares of the company’s stock, valued at $929,170.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Andrew Brannan sold 21,504 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $55.10, for a total transaction of $1,184,870.40. Following the sale, the vice president now directly owns 21,504 shares in the company, valued at approximately $1,184,870.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,367 shares of company stock worth $2,447,455. 1.92% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Fortaleza Asset Management Inc. purchased a new stake in shares of Cirrus Logic in the second quarter valued at about $102,000. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of Cirrus Logic by 72.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock valued at $138,000 after purchasing an additional 1,086 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Cirrus Logic by 96.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock valued at $157,000 after purchasing an additional 1,372 shares in the last quarter. ETRADE Capital Management LLC purchased a new stake in shares of Cirrus Logic in the second quarter valued at about $201,000. Finally, Sapphire Star Partners LP acquired a new position in shares of Cirrus Logic in the third quarter valued at approximately $211,000. 89.67% of the stock is currently owned by hedge funds and other institutional investors.
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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