Cirrus Logic, Inc. (CRUS) Lowered to Hold at Zacks Investment Research
Cirrus Logic, Inc. (NASDAQ:CRUS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Cirrus Logic is a premier supplier of high-performance analog circuits and advanced mixed-signal chip solutions. Continued investments in the audio segment have helped the company to come up with innovative products from time to time. This aids it in attracting new customers and brings in additional revenues. Additionally, expansion in the LED market continues to drive growth. 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 the likes of Texas Instruments and STMicroelectronics, 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 a number of other reports. Barclays PLC lowered Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price target for the company. in a research report on Tuesday, July 18th. KeyCorp restated an “overweight” rating and issued a $75.00 price objective on shares of Cirrus Logic in a research note on Wednesday, July 12th. Stifel Nicolaus restated a “buy” rating and issued a $75.00 price objective on shares of Cirrus Logic in a research note on Thursday, August 3rd. BidaskClub downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 2nd. Finally, Pacific Crest restated an “overweight” rating and issued a $75.00 price objective on shares of Cirrus Logic in a research note on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Cirrus Logic currently has an average rating of “Buy” and an average price target of $67.69.
Shares of Cirrus Logic (CRUS) traded up 1.77% during mid-day trading on Tuesday, hitting $54.77. 523,224 shares of the company were exchanged. The firm has a 50 day moving average of $55.38 and a 200 day moving average of $61.11. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of 12.81 and a beta of 0.01. Cirrus Logic has a 12-month low of $49.05 and a 12-month high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.15. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The firm had revenue of $320.70 million for the quarter, compared to analyst estimates of $320.32 million. During the same period in the previous year, the firm earned $0.44 earnings per share. The company’s revenue was up 23.6% compared to the same quarter last year. Equities research analysts forecast that Cirrus Logic will post $4.74 earnings per share for the current year.
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In related news, VP Bradley J. Fluke sold 7,325 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $53.44, for a total transaction of $391,448.00. Following the sale, the vice president now owns 12,000 shares of the company’s stock, valued at approximately $641,280. The sale was disclosed in a legal 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 value of $85,215.52. Following the sale, the director now directly owns 7,307 shares in the company, valued at approximately $451,864.88. The disclosure for this sale can be found here. Insiders have sold a total of 104,666 shares of company stock valued at $5,914,243 in the last quarter. 1.92% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Cirrus Logic by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 7,057,091 shares of the semiconductor company’s stock worth $428,295,000 after purchasing an additional 502,335 shares in the last quarter. BlackRock Inc. lifted its holdings in Cirrus Logic by 20,057.8% during the 1st quarter. BlackRock Inc. now owns 6,973,982 shares of the semiconductor company’s stock worth $423,252,000 after purchasing an additional 6,939,385 shares in the last quarter. LSV Asset Management lifted its holdings in Cirrus Logic by 27.3% during the 2nd quarter. LSV Asset Management now owns 2,597,827 shares of the semiconductor company’s stock worth $162,935,000 after purchasing an additional 557,048 shares in the last quarter. State Street Corp lifted its holdings in Cirrus Logic by 2.2% during the 2nd quarter. State Street Corp now owns 2,274,959 shares of the semiconductor company’s stock worth $142,688,000 after purchasing an additional 48,716 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Cirrus Logic by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,496,733 shares of the semiconductor company’s stock worth $93,875,000 after purchasing an additional 56,338 shares in the last quarter. 89.09% of the stock is currently owned by institutional investors and hedge funds.
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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