Cirrus Logic (CRUS) Lifted to Hold at Zacks Investment Research

Cirrus Logic (NASDAQ:CRUS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, April 10th.

According to Zacks, “Cirrus Logic is a premier supplier of high-performance analog circuits and advanced mixed-signal chip solutions. Estimates have remained stable for the stock of late. 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. Nonetheless, it is likely that Cirrus Logic might have to pay the price of relying too much on Apple as it generates majority its revenues through selling audio chips used in iPhone devices. Notably, Apple’s iPhone X sales have been affected by sluggish demand in cost-sensitive regions like South East Asia due to its high price and some component-supply constraints which impacted the company’s delivery schedule. The stock has underperformed the industry in a year’s time.”

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Other research analysts have also issued reports about the stock. Vetr lowered shares of Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 price target on the stock. in a research note on Monday, December 18th. BidaskClub lowered shares of Cirrus Logic from a “sell” rating to a “strong sell” rating in a research note on Tuesday, December 12th. ValuEngine upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Friday, February 9th. Barclays dropped their price target on shares of Cirrus Logic from $45.00 to $36.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 6th. Finally, Northland Securities reiterated a “buy” rating and set a $60.00 price target on shares of Cirrus Logic in a research note on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. Cirrus Logic presently has a consensus rating of “Hold” and a consensus target price of $60.22.

Shares of NASDAQ:CRUS traded up $0.20 on Tuesday, reaching $39.72. The company’s stock had a trading volume of 390,610 shares, compared to its average volume of 1,290,954. Cirrus Logic has a 52-week low of $37.47 and a 52-week high of $71.97. The stock has a market capitalization of $2,489.03, a price-to-earnings ratio of 9.72, a PEG ratio of 1.35 and a beta of 0.22.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Monday, February 5th. The semiconductor company reported $1.59 EPS for the quarter, missing analysts’ consensus estimates of $1.78 by ($0.19). Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. The business had revenue of $482.70 million during the quarter, compared to analysts’ expectations of $530.99 million. During the same period in the previous year, the company posted $1.87 earnings per share. Cirrus Logic’s quarterly revenue was down 7.7% on a year-over-year basis. equities research analysts forecast that Cirrus Logic will post 3.78 earnings per share for the current fiscal year.

Cirrus Logic announced that its board has approved a stock repurchase plan on Monday, February 5th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In other news, VP Randolph K. Carlson sold 7,265 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $42.03, for a total value of $305,347.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders sold 7,941 shares of company stock worth $335,140 over the last quarter. Company insiders own 1.92% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in CRUS. Legal & General Group Plc lifted its stake in shares of Cirrus Logic by 12.8% during the third quarter. Legal & General Group Plc now owns 57,247 shares of the semiconductor company’s stock valued at $3,051,000 after buying an additional 6,493 shares during the period. Schroder Investment Management Group purchased a new position in shares of Cirrus Logic during the third quarter valued at approximately $344,000. Vident Investment Advisory LLC purchased a new position in Cirrus Logic during the third quarter worth approximately $2,117,000. Cubist Systematic Strategies LLC purchased a new position in Cirrus Logic during the third quarter worth approximately $3,335,000. Finally, Janney Montgomery Scott LLC raised its stake in Cirrus Logic by 29.0% during the third quarter. Janney Montgomery Scott LLC now owns 15,843 shares of the semiconductor company’s stock worth $845,000 after purchasing an additional 3,558 shares during the period. 91.46% of the stock is currently owned by institutional investors and hedge funds.

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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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