Cirrus Logic (CRUS) Upgraded to Hold by BidaskClub

Cirrus Logic (NASDAQ:CRUS) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Friday.

A number of other research analysts have also commented on the company. Vetr lowered Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 price objective on the stock. in a research report on Monday, December 18th. Craig Hallum reiterated a “hold” rating and issued a $54.00 price objective (down from $63.00) on shares of Cirrus Logic in a research report on Friday, November 3rd. Zacks Investment Research lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Canaccord Genuity reiterated a “buy” rating and issued a $76.00 price objective on shares of Cirrus Logic in a research report on Friday, November 3rd. Finally, Northland Securities reiterated a “buy” rating on shares of Cirrus Logic in a research report on Friday, November 3rd. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $65.76.

Shares of Cirrus Logic (CRUS) traded down $2.04 on Friday, reaching $52.76. The company’s stock had a trading volume of 1,210,666 shares, compared to its average volume of 803,942. The company has a market cap of $3,360.00 and a price-to-earnings ratio of 12.90. Cirrus Logic has a 52-week low of $48.61 and a 52-week high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.16. The firm had revenue of $425.50 million for the quarter, compared to analyst estimates of $410.32 million. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same period last year, the company earned $1.35 EPS. equities analysts predict that Cirrus Logic will post 4.21 earnings per share for the current year.

In other news, Director Christine King sold 562 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $49.75, for a total value of $27,959.50. Following the transaction, the director now owns 11,744 shares of the company’s stock, valued at approximately $584,264. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 6,123 shares of company stock worth $328,718. 1.92% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. State Street Corp raised its stake 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 buying an additional 48,716 shares during the period. Bank of New York Mellon Corp raised its stake in Cirrus Logic by 9.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,637,193 shares of the semiconductor company’s stock worth $87,293,000 after buying an additional 140,460 shares during the period. Northern Trust Corp raised its stake in Cirrus Logic by 3.4% during the 2nd quarter. Northern Trust Corp now owns 1,212,478 shares of the semiconductor company’s stock worth $76,047,000 after buying an additional 40,264 shares during the period. Prudential Financial Inc. raised its stake in Cirrus Logic by 69.6% during the 3rd quarter. Prudential Financial Inc. now owns 967,033 shares of the semiconductor company’s stock worth $51,562,000 after buying an additional 396,890 shares during the period. Finally, Old Mutual Global Investors UK Ltd. raised its stake in Cirrus Logic by 187.2% during the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 870,484 shares of the semiconductor company’s stock worth $46,414,000 after buying an additional 567,354 shares during the period. 89.34% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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