Cirrus Logic (NASDAQ:CRUS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, November 9th.
According to Zacks, “Cirrus Logic is a premier supplier of high-performance analog circuits and advanced mixed-signal chip solutions. It reported better-than-expected second-quarter results and provided encouraging third-quarter revenue guidance. Continued investments in the audio segment have helped the company to come up with innovative products from time to time. This aids in attracting new customers and brings in additional revenues. Additionally, expansion in the LED market continues to drive growth. Cirrus Logic generates a significant portion of revenues from Apple. This means that there is always an inherent risk of losing an Apple design contract, which will significantly hurt the company’s financials. Moreover, the company faces competition from peers, which also remains a concern. Notably, shares of the company have underperformed the industry over the past one year.”
Other equities analysts have also recently issued reports about the company. Bank of America started coverage on Cirrus Logic in a report on Monday, September 18th. They issued an “underperform” rating and a $50.00 target price for the company. Barclays cut Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 target price for the company. in a report on Tuesday, July 18th. Vetr raised Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 target price for the company in a report on Thursday, August 3rd. Craig Hallum reissued a “hold” rating on shares of Cirrus Logic in a report on Wednesday, September 13th. Finally, KeyCorp reissued an “overweight” rating on shares of Cirrus Logic in a report on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $67.05.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.16. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. The company had revenue of $425.50 million during the quarter, compared to the consensus estimate of $410.32 million. During the same quarter last year, the company earned $1.35 EPS. The company’s quarterly revenue was down .7% on a year-over-year basis. equities analysts expect that Cirrus Logic will post 4.21 earnings per share for the current year.
In other news, Director Christine King sold 5,000 shares of Cirrus Logic stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $54.14, for a total value of $270,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Bradley J. Fluke sold 7,325 shares of Cirrus Logic stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $53.44, for a total value of $391,448.00. Following the completion of the sale, the vice president now directly owns 12,000 shares of the company’s stock, valued at $641,280. The disclosure for this sale can be found here. Insiders sold a total of 22,863 shares of company stock valued at $1,251,735 over the last three months. Insiders own 1.92% of the company’s stock.
Large investors have recently bought and sold shares of the company. King Luther Capital Management Corp bought a new position in Cirrus Logic during the second quarter worth about $1,101,000. Teachers Advisors LLC boosted its stake in shares of Cirrus Logic by 230.6% in the second quarter. Teachers Advisors LLC now owns 397,156 shares of the semiconductor company’s stock valued at $24,910,000 after buying an additional 277,015 shares during the period. BlueMountain Capital Management LLC bought a new stake in shares of Cirrus Logic in the second quarter valued at approximately $2,449,000. Principal Financial Group Inc. boosted its stake in shares of Cirrus Logic by 4.3% in the second quarter. Principal Financial Group Inc. now owns 276,706 shares of the semiconductor company’s stock valued at $17,355,000 after buying an additional 11,483 shares during the period. Finally, State of Tennessee Treasury Department boosted its stake in shares of Cirrus Logic by 135.2% in the second quarter. State of Tennessee Treasury Department now owns 211,710 shares of the semiconductor company’s stock valued at $13,278,000 after buying an additional 121,710 shares during the period. Institutional investors and hedge funds own 89.25% of the company’s stock.
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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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