Cirrus Logic (CRUS) Upgraded to B- by TheStreet

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Cirrus Logic (NASDAQ:CRUS) was upgraded by analysts at TheStreet from a “c+” rating to a “b-” rating in a research note issued to investors on Thursday.

A number of other research firms have also recently commented on CRUS. BidaskClub raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Wednesday, August 29th. ValuEngine raised shares of Cirrus Logic from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Zacks Investment Research raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Tuesday, August 7th. Cowen upped their target price on shares of Cirrus Logic from $40.00 to $44.00 and gave the company a “market perform” rating in a research report on Thursday, August 2nd. Finally, Craig Hallum boosted their price target on shares of Cirrus Logic from $43.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Four analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $47.88.

NASDAQ CRUS traded down $1.04 during trading hours on Thursday, reaching $41.37. The company had a trading volume of 636,501 shares, compared to its average volume of 968,220. Cirrus Logic has a 1-year low of $34.49 and a 1-year high of $57.55. The stock has a market capitalization of $2.48 billion, a P/E ratio of 11.21, a PEG ratio of 1.13 and a beta of 0.45.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Thursday, November 1st. The semiconductor company reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.34. Cirrus Logic had a net margin of 7.09% and a return on equity of 15.55%. The company had revenue of $366.30 million for the quarter, compared to analysts’ expectations of $330.27 million. During the same quarter in the prior year, the company posted $1.36 earnings per share. Cirrus Logic’s revenue for the quarter was down 13.9% compared to the same quarter last year. On average, equities research analysts anticipate that Cirrus Logic will post 2.44 EPS for the current fiscal year.

In other Cirrus Logic news, Director Timothy R. Dehne sold 4,171 shares of the business’s stock in a transaction dated Sunday, August 26th. The shares were sold at an average price of $44.99, for a total transaction of $187,653.29. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.32% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of CRUS. Partner Fund Management L.P. purchased a new stake in Cirrus Logic during the second quarter worth about $28,998,000. JPMorgan Chase & Co. increased its stake in Cirrus Logic by 98.1% during the third quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after purchasing an additional 657,662 shares during the period. BlackRock Inc. increased its stake in Cirrus Logic by 7.8% during the second quarter. BlackRock Inc. now owns 8,486,370 shares of the semiconductor company’s stock worth $325,283,000 after purchasing an additional 610,960 shares during the period. Prudential Financial Inc. increased its stake in Cirrus Logic by 354.3% during the third quarter. Prudential Financial Inc. now owns 388,916 shares of the semiconductor company’s stock worth $15,012,000 after purchasing an additional 303,317 shares during the period. Finally, Letko Brosseau & Associates Inc. increased its stake in shares of Cirrus Logic by 58.9% during the second quarter. Letko Brosseau & Associates Inc. now owns 628,960 shares of the semiconductor company’s stock worth $24,108,000 after buying an additional 233,060 shares during the period. Institutional investors own 89.21% of the company’s stock.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

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Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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