Cirrus Logic (NASDAQ:CRUS) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Tuesday.
A number of other equities analysts also recently commented on CRUS. Stifel Nicolaus restated a “buy” 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 report on Thursday, September 14th. Craig Hallum restated a “hold” rating on shares of Cirrus Logic in a research report on Wednesday, September 13th. Bank of America began coverage on shares of Cirrus Logic in a research report on Monday, September 18th. They set an “underperform” rating and a $50.00 price objective for the company. Finally, ValuEngine cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Monday, September 18th. Three analysts have rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Cirrus Logic currently has a consensus rating of “Buy” and a consensus target price of $67.05.
Shares of Cirrus Logic (CRUS) opened at $50.20 on Tuesday. Cirrus Logic has a 1 year low of $48.61 and a 1 year high of $71.97. The company has a market cap of $3,181.98, a price-to-earnings ratio of 11.41, a P/E/G ratio of 1.31 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.16. The business had revenue of $425.50 million during the quarter, compared to analysts’ expectations of $410.32 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.35 EPS. equities analysts forecast that Cirrus Logic will post 4.21 earnings per share for the current year.
In other news, Director Christine King sold 5,000 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $54.14, for a total value of $270,700.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Bradley J. Fluke sold 7,325 shares of the 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 completion of the transaction, the vice president now directly owns 12,000 shares in the company, valued at approximately $641,280. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,881 shares of company stock valued at $1,251,772. 1.92% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hanseatic Management Services Inc. increased its stake in Cirrus Logic by 0.3% during the 2nd quarter. Hanseatic Management Services Inc. now owns 29,468 shares of the semiconductor company’s stock valued at $1,848,000 after purchasing an additional 75 shares in the last quarter. Teacher Retirement System of Texas grew its position in Cirrus Logic by 1.5% during the second quarter. Teacher Retirement System of Texas now owns 5,118 shares of the semiconductor company’s stock valued at $321,000 after buying an additional 76 shares during the period. World Asset Management Inc lifted its holdings in Cirrus Logic by 2.7% during the second quarter. World Asset Management Inc now owns 4,071 shares of the semiconductor company’s stock valued at $255,000 after purchasing an additional 106 shares in the last quarter. Suntrust Banks Inc. lifted its holdings in shares of Cirrus Logic by 2.5% in the second quarter. Suntrust Banks Inc. now owns 12,253 shares of the semiconductor company’s stock worth $767,000 after buying an additional 298 shares in the last quarter. Finally, Spectrum Management Group Inc. increased its position in Cirrus Logic by 3.2% in the second quarter. Spectrum Management Group Inc. now owns 12,910 shares of the semiconductor company’s stock worth $810,000 after purchasing an additional 400 shares during the last quarter. 89.26% of the stock is owned by 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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