Cirrus Logic (NASDAQ:CRUS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.
According to Zacks, “Cirrus Logic is a premier supplier of high-performance analog circuits and advanced mixed-signal chip solutions. Estimates have remained stable ahead of the company's third-quarter fiscal 2018 results. 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. However, it should be noted that 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.”
CRUS has been the subject of several other research reports. Northland Securities reiterated a “buy” rating on shares of Cirrus Logic in a research note on Friday, November 3rd. BidaskClub cut Cirrus Logic from a “hold” rating to a “sell” rating in a research note on Wednesday, December 6th. KeyCorp reiterated an “overweight” rating on shares of Cirrus Logic in a research note on Thursday, September 14th. ValuEngine upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, Vetr cut Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 price objective for the company. in a research note on Monday, December 18th. Five equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. Cirrus Logic has an average rating of “Hold” and a consensus price target of $65.76.
Cirrus Logic (NASDAQ:CRUS) traded up $0.87 during midday trading on Friday, reaching $52.34. The company’s stock had a trading volume of 781,000 shares, compared to its average volume of 790,725. The firm has a market cap of $3,360.00 and a P/E ratio of 12.80. Cirrus Logic has a 52 week low of $48.61 and a 52 week high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, beating the 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 return on equity of 25.37% and a net margin of 17.11%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business posted $1.35 EPS. equities analysts forecast that Cirrus Logic will post 4.21 EPS for the current fiscal year.
In related news, Director Christine King sold 562 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $49.75, for a total transaction of $27,959.50. Following the completion of the sale, the director now owns 11,744 shares in the company, valued at $584,264. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 11,123 shares of company stock valued at $601,268. 1.92% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. King Luther Capital Management Corp purchased a new stake in Cirrus Logic during the second quarter worth approximately $1,101,000. Teachers Advisors LLC lifted its stake in Cirrus Logic by 230.6% during the second quarter. Teachers Advisors LLC now owns 397,156 shares of the semiconductor company’s stock worth $24,910,000 after purchasing an additional 277,015 shares during the last quarter. BlueMountain Capital Management LLC purchased a new stake in Cirrus Logic during the second quarter worth approximately $2,449,000. Principal Financial Group Inc. lifted its stake in Cirrus Logic by 4.3% in the second quarter. Principal Financial Group Inc. now owns 276,706 shares of the semiconductor company’s stock valued at $17,355,000 after buying an additional 11,483 shares during the last quarter. Finally, Stevens Capital Management LP purchased a new stake in Cirrus Logic in the second quarter valued at approximately $1,743,000. Hedge funds and other institutional investors own 89.25% of the company’s stock.
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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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