MKM Partners Cuts Cirrus Logic (CRUS) Price Target to $45.00

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Cirrus Logic (NASDAQ:CRUS) had its price objective trimmed by MKM Partners to $45.00 in a research report released on Tuesday, The Fly reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Other equities research analysts also recently issued reports about the stock. 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 for the company in a research report on Tuesday, August 7th. BidaskClub downgraded shares of Cirrus Logic from a buy rating to a hold rating in a research report on Tuesday. Bank of America set a $29.00 target price on shares of Cirrus Logic and gave the company a sell rating in a research report on Tuesday. Finally, Needham & Company LLC reissued a hold rating on shares of Cirrus Logic in a research report on Wednesday, November 21st. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $45.88.

Shares of CRUS stock opened at $36.75 on Tuesday. Cirrus Logic has a 52-week low of $34.49 and a 52-week high of $55.13. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 9.96, a PEG ratio of 1.29 and a beta of 0.50.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Thursday, November 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping 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 business had revenue of $366.30 million during the quarter, compared to the consensus estimate of $330.27 million. During the same period in the prior year, the firm posted $1.36 EPS. The firm’s quarterly revenue was down 13.9% compared to the same quarter last year. On average, equities analysts predict that Cirrus Logic will post 1.96 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. grace capital bought a new position in shares of Cirrus Logic during the 2nd quarter valued at approximately $115,000. Bank of Montreal Can grew its position in shares of Cirrus Logic by 88.7% during the 3rd quarter. Bank of Montreal Can now owns 3,388 shares of the semiconductor company’s stock valued at $131,000 after acquiring an additional 1,593 shares during the period. First Hawaiian Bank bought a new position in shares of Cirrus Logic during the 3rd quarter valued at approximately $140,000. Itau Unibanco Holding S.A. grew its position in shares of Cirrus Logic by 91.8% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 3,723 shares of the semiconductor company’s stock valued at $143,000 after acquiring an additional 1,782 shares during the period. Finally, Virginia National Bank bought a new position in shares of Cirrus Logic during the 3rd quarter valued at approximately $220,000. 90.44% of the stock is owned by hedge funds and other institutional investors.

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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