Cypress Semiconductor (NASDAQ:CY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Cypress Semiconductor reported strong fourth-quarter 2017 results. Both revenues and earnings increased on a year-over-year basis. The company is currently benefiting from improvement in automotive, IoT wireless connectivity and USB-C solutions. 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 dominant position in the IoT market. However, weak and uncertain macro environment remain concerns. In the past 12-months, the stock has underperformed the industry it belongs to.”
Several other research firms have also issued reports on CY. Loop Capital restated a “buy” rating and set a $20.00 price target (up from $17.00) on shares of Cypress Semiconductor in a research report on Friday, October 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Cypress Semiconductor in a research note on Friday, October 27th. Morgan Stanley reaffirmed an “underweight” rating and set a $14.50 price objective on shares of Cypress Semiconductor in a research note on Wednesday, December 13th. BidaskClub downgraded shares of Cypress Semiconductor from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 21st. Finally, Craig Hallum reaffirmed a “buy” rating and set a $21.00 price objective on shares of Cypress Semiconductor in a research note on Tuesday, December 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $19.04.
Cypress Semiconductor (NASDAQ:CY) last posted its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. The company had revenue of $597.54 million for the quarter, compared to analysts’ expectations of $593.15 million. Cypress Semiconductor had a negative net margin of 4.02% and a positive return on equity of 12.48%. Cypress Semiconductor’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 EPS. sell-side analysts anticipate that Cypress Semiconductor will post 0.87 EPS for the current year.
In other news, SVP Sam Geha sold 14,517 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $17.34, for a total transaction of $251,724.78. Following the sale, the senior vice president now owns 41,204 shares in the company, valued at $714,477.36. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Sudhir Gopalswamy sold 3,000 shares of the stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $16.60, for a total transaction of $49,800.00. Following the sale, the senior vice president now owns 70,607 shares in the company, valued at approximately $1,172,076.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,786 shares of company stock worth $537,387. Corporate insiders own 0.69% of the company’s stock.
Several large investors have recently bought and sold shares of CY. TCW Group Inc. grew its holdings in shares of Cypress Semiconductor by 13.8% in the third quarter. TCW Group Inc. now owns 13,463,003 shares of the semiconductor company’s stock valued at $202,214,000 after purchasing an additional 1,628,930 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Cypress Semiconductor by 34.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 12,262,029 shares of the semiconductor company’s stock valued at $184,179,000 after buying an additional 3,116,871 shares during the last quarter. State Street Corp boosted its stake in shares of Cypress Semiconductor by 3.4% during the 2nd quarter. State Street Corp now owns 9,176,862 shares of the semiconductor company’s stock valued at $125,265,000 after buying an additional 302,001 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Cypress Semiconductor by 3.5% during the 4th quarter. Victory Capital Management Inc. now owns 5,904,237 shares of the semiconductor company’s stock valued at $89,980,000 after buying an additional 197,432 shares during the last quarter. Finally, Villere ST Denis J & Co. LLC purchased a new position in shares of Cypress Semiconductor during the 4th quarter valued at approximately $69,678,000. Hedge funds and other institutional investors own 98.42% of the company’s stock.
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Cypress Semiconductor 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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