Cirrus Logic (CRUS) Downgraded to “Strong Sell” at BidaskClub

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.

TRADEMARK VIOLATION NOTICE: This news story was originally published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this news story on another domain, it was stolen and republished in violation of US & international trademark and copyright laws. The correct version of this news story can be accessed at https://ledgergazette.com/2017/12/12/cirrus-logic-crus-downgraded-to-strong-sell-at-bidaskclub.html.

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.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

Receive News & Ratings for Cirrus Logic Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply