Cirrus Logic, Inc. (CRUS) Receives “Hold” Rating from Craig Hallum
Cirrus Logic, Inc. (NASDAQ:CRUS)‘s stock had its “hold” rating reaffirmed by Craig Hallum in a note issued to investors on Friday, MarketBeat reports. They presently have a $54.00 price objective on the semiconductor company’s stock, down from their prior price objective of $63.00. Craig Hallum’s price target would suggest a potential downside of 4.69% from the stock’s previous close.
A number of other research firms have also recently commented on CRUS. Barclays PLC cut Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price objective for the company. in a research report on Tuesday, July 18th. KeyCorp reiterated an “overweight” rating and set a $75.00 price objective on shares of Cirrus Logic in a research report on Wednesday, July 12th. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 price objective on shares of Cirrus Logic in a research report on Thursday, August 3rd. BidaskClub cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, Vetr upgraded Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 price target for the company in a research report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $67.05.
Cirrus Logic (NASDAQ CRUS) traded up $0.66 during trading on Friday, reaching $56.66. The company had a trading volume of 1,556,546 shares, compared to its average volume of 812,389. The company has a market cap of $3.61 billion, a PE ratio of 12.94 and a beta of 0.05.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.16. The company 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 25.71% and a net margin of 17.11%. Cirrus Logic’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.35 earnings per share. sell-side analysts forecast that Cirrus Logic will post 4.25 earnings per share for the current fiscal year.
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In related news, Director Alan R. Schuele sold 2,000 shares of the stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $57.30, for a total transaction of $114,600.00. Following the completion of the sale, the director now owns 14,165 shares in the company, valued at $811,654.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christine King sold 5,000 shares of the stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $54.51, for a total value of $272,550.00. Following the sale, the director now owns 16,182 shares of the company’s stock, valued at approximately $882,080.82. The disclosure for this sale can be found here. Insiders have sold 108,309 shares of company stock valued at $6,101,096 in the last quarter. 1.92% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Fortaleza Asset Management Inc. purchased a new stake in shares of Cirrus Logic during the second quarter worth about $102,000. ETRADE Capital Management LLC purchased a new stake in shares of Cirrus Logic during the second quarter worth about $201,000. Private Advisor Group LLC purchased a new stake in shares of Cirrus Logic during the second quarter worth about $215,000. Turner Investments LLC purchased a new stake in shares of Cirrus Logic during the second quarter worth about $220,000. Finally, Sheaff Brock Investment Advisors LLC purchased a new stake in shares of Cirrus Logic during the second quarter worth about $248,000. Hedge funds and other institutional investors own 89.48% of the company’s stock.
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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