Cypress Semiconductor Corporation (NASDAQ:CY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “Cypress develops and manufactures a broad range of digital and mixed signal ICs.   The company delivered strong third-quarter earnings aided by growth in automotive, IoT wireless connectivity and USB-C solutions. Also, on a year-to-date basis, the stock has outperformed the industry it belongs to. Cypress’  advanced technology, momentum in new products, increased customer wins and growth initiatives are encouraging. The acquisition of Wireless Internet of Things (IoT) business has further strengthened the company’s leading position in the IoT market. However, weak and uncertain macro environment remain concerns.”

A number of other equities analysts have also recently commented on the stock. Mizuho reissued a “buy” rating and issued a $17.00 price objective on shares of Cypress Semiconductor Corporation in a research note on Tuesday, August 29th. KeyCorp set a $17.00 price objective on shares of Cypress Semiconductor Corporation and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Barclays PLC raised shares of Cypress Semiconductor Corporation from an “equal weight” rating to an “overweight” rating in a research note on Friday, July 21st. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Cypress Semiconductor Corporation in a research note on Monday, September 18th. Finally, Loop Capital reissued a “buy” rating and issued a $20.00 price objective (up from $17.00) on shares of Cypress Semiconductor Corporation in a research note on Friday, October 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Cypress Semiconductor Corporation currently has a consensus rating of “Buy” and a consensus target price of $17.67.

Cypress Semiconductor Corporation (NASDAQ:CY) last issued its quarterly earnings data on Thursday, October 26th. The semiconductor company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. Cypress Semiconductor Corporation had a negative net margin of 5.75% and a positive return on equity of 9.01%. The business had revenue of $604.57 million during the quarter, compared to analysts’ expectations of $602.16 million. During the same period last year, the company posted $0.15 EPS. The business’s revenue was up 14.0% on a year-over-year basis.

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In other news, Director Camillo Martino bought 10,000 shares of the stock in a transaction dated Monday, August 21st. The stock was purchased at an average price of $12.92 per share, for a total transaction of $129,200.00. Following the acquisition, the director now owns 20,000 shares of the company’s stock, valued at $258,400. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Trent Thad sold 74,818 shares of the firm’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $15.77, for a total transaction of $1,179,879.86. Following the completion of the sale, the executive vice president now owns 172,105 shares of the company’s stock, valued at approximately $2,714,095.85. The disclosure for this sale can be found here. Insiders bought a total of 60,000 shares of company stock valued at $834,100 in the last 90 days. Company insiders own 0.69% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Ffcm LLC lifted its holdings in shares of Cypress Semiconductor Corporation by 139.2% in the 2nd quarter. Ffcm LLC now owns 8,145 shares of the semiconductor company’s stock worth $109,000 after acquiring an additional 4,740 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Cypress Semiconductor Corporation by 13.3% in the 2nd quarter. IFP Advisors Inc now owns 8,628 shares of the semiconductor company’s stock worth $118,000 after acquiring an additional 1,014 shares during the last quarter. Independence Advisors LLC bought a new stake in shares of Cypress Semiconductor Corporation in the 2nd quarter worth about $506,000. ING Groep NV bought a new stake in shares of Cypress Semiconductor Corporation in the 2nd quarter worth about $138,000. Finally, Thompson Davis & CO. Inc. lifted its holdings in shares of Cypress Semiconductor Corporation by 45.6% in the 2nd quarter. Thompson Davis & CO. Inc. now owns 10,119 shares of the semiconductor company’s stock worth $138,000 after acquiring an additional 3,169 shares during the last quarter. Hedge funds and other institutional investors own 97.27% of the company’s stock.

Cypress Semiconductor Corporation Company Profile

Cypress Semiconductor Corporation manufactures embedded system solutions for automotive, industrial, home automation and appliances, consumer electronics and medical products. The Company’s segments include Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). MCD focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions.

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Analyst Recommendations for Cypress Semiconductor Corporation (NASDAQ:CY)

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