Cirrus Logic (NASDAQ:CRUS) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
Several other analysts have also recently commented on the stock. Bank of America initiated coverage on shares of Cirrus Logic in a research note on Monday, September 18th. They set an “underperform” rating and a $50.00 price objective for the company. Craig Hallum restated a “hold” rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. KeyCorp restated an “overweight” rating on shares of Cirrus Logic in a research note on Thursday, September 14th. Zacks Investment Research cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Finally, Canaccord Genuity restated a “buy” rating and set a $76.00 price objective on shares of Cirrus Logic in a research note on Friday, November 3rd. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $67.05.
Shares of Cirrus Logic (NASDAQ CRUS) traded up $0.13 during midday trading on Wednesday, reaching $49.84. 1,054,700 shares of the company’s stock traded hands, compared to its average volume of 1,147,324. Cirrus Logic has a twelve month low of $48.61 and a twelve month high of $71.97. The firm has a market cap of $3,164.79, a PE ratio of 11.35, a price-to-earnings-growth ratio of 1.30 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last announced 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 analysts’ expectations of $410.32 million. During the same period in the previous year, the business posted $1.35 EPS. The business’s quarterly revenue was down .7% compared to the same quarter last year. sell-side analysts forecast that Cirrus Logic will post 4.21 earnings per share for the current year.
In other Cirrus Logic news, Director Christine King sold 5,000 shares of the company’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $57.42, for a total transaction of $287,100.00. Following the completion of the transaction, the director now directly owns 16,182 shares in the company, valued at $929,170.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Bradley J. Fluke sold 7,325 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $53.44, for a total transaction of $391,448.00. Following the transaction, the vice president now owns 12,000 shares of the company’s stock, valued at $641,280. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,881 shares of company stock valued at $1,251,772. Company insiders own 1.92% of the company’s stock.
A number of large investors have recently bought and sold shares of CRUS. Aperio Group LLC raised its position in Cirrus Logic by 36.3% during the second quarter. Aperio Group LLC now owns 19,720 shares of the semiconductor company’s stock worth $1,237,000 after acquiring an additional 5,256 shares during the period. Russell Investments Group Ltd. raised its position in Cirrus Logic by 7.2% during the second quarter. Russell Investments Group Ltd. now owns 173,082 shares of the semiconductor company’s stock worth $10,856,000 after acquiring an additional 11,567 shares during the period. Acadian Asset Management LLC acquired a new position in Cirrus Logic during the second quarter worth $428,000. Strs Ohio raised its position in Cirrus Logic by 10.8% during the second quarter. Strs Ohio now owns 10,300 shares of the semiconductor company’s stock worth $646,000 after acquiring an additional 1,000 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in Cirrus Logic by 2.5% during the second quarter. Great West Life Assurance Co. Can now owns 61,004 shares of the semiconductor company’s stock worth $3,822,000 after acquiring an additional 1,468 shares during the period. Institutional investors own 89.26% of the company’s stock.
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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