Cirrus Logic, Inc. (CRUS) Stock Rating Lowered by Zacks Investment Research
Cirrus Logic, Inc. (NASDAQ:CRUS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Cirrus Logic Inc. is a premier supplier of high performance analog circuits and advanced mixed-signal chip solutions. The company’s products, sold under its own name and the Crystal product brand, enable system-level applications in mass storage, audio and precision data conversion. (PRESS RELEASE) “
CRUS has been the subject of several other research reports. BidaskClub downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Vetr downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating and set a $70.00 price objective for the company. in a report on Tuesday, April 18th. Needham & Company LLC reissued a “buy” rating and set a $80.00 price objective (up previously from $70.00) on shares of Cirrus Logic in a report on Thursday, June 1st. Stifel Nicolaus reissued a “buy” rating and set a $75.00 price objective on shares of Cirrus Logic in a report on Thursday, August 3rd. Finally, Pacific Crest reissued an “overweight” rating and set a $75.00 price objective on shares of Cirrus Logic in a report on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Cirrus Logic has an average rating of “Buy” and a consensus target price of $68.74.
Cirrus Logic (CRUS) traded down 1.36% during midday trading on Tuesday, reaching $56.77. The company’s stock had a trading volume of 1,685,671 shares. Cirrus Logic has a one year low of $47.01 and a one year high of $71.97. The firm has a 50 day moving average price of $63.48 and a 200 day moving average price of $61.50. The firm has a market cap of $3.64 billion, a P/E ratio of 13.28 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The business had revenue of $320.70 million during the quarter, compared to the consensus estimate of $320.32 million. During the same quarter in the prior year, the firm earned $0.44 EPS. The business’s revenue was up 23.6% on a year-over-year basis. Equities research analysts forecast that Cirrus Logic will post $4.69 EPS for the current fiscal year.
In related news, VP Scott Arnold Anderson sold 22,466 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $64.62, for a total value of $1,451,752.92. Following the sale, the vice president now directly owns 24,432 shares of the company’s stock, valued at approximately $1,578,795.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Sherman sold 1,378 shares of the stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $61.84, for a total transaction of $85,215.52. Following the completion of the sale, the director now directly owns 7,307 shares in the company, valued at $451,864.88. The disclosure for this sale can be found here. Insiders have sold a total of 41,777 shares of company stock worth $2,689,055 over the last 90 days. Corporate insiders own 1.92% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Fortaleza Asset Management Inc. purchased a new stake in Cirrus Logic during the second quarter worth $102,000. Advisory Services Network LLC purchased a new stake in Cirrus Logic during the first quarter worth $108,000. Thompson Davis & CO. Inc. raised its stake in Cirrus Logic by 170.1% in the third quarter. Thompson Davis & CO. Inc. now owns 2,120 shares of the semiconductor company’s stock worth $113,000 after buying an additional 1,335 shares during the period. Advisor Group Inc. raised its stake in Cirrus Logic by 84.1% in the third quarter. Advisor Group Inc. now owns 2,145 shares of the semiconductor company’s stock worth $113,000 after buying an additional 980 shares during the period. Finally, Public Employees Retirement System of Ohio raised its stake in Cirrus Logic by 6.8% in the second quarter. Public Employees Retirement System of Ohio now owns 3,090 shares of the semiconductor company’s stock worth $120,000 after buying an additional 196 shares during the period. 94.23% of the stock is currently owned by institutional investors.
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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