Cirrus Logic (NASDAQ:CRUS) Downgraded by StockNews.com to Buy

Cirrus Logic (NASDAQ:CRUS) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Wednesday.

Other analysts have also issued reports about the company. Susquehanna lifted their price target on Cirrus Logic from $120.00 to $175.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. Barclays lifted their price target on Cirrus Logic from $110.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. KeyCorp raised their price objective on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus raised their price objective on Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Cirrus Logic currently has a consensus rating of “Moderate Buy” and an average target price of $143.33.

Cirrus Logic Stock Up 1.0 %

NASDAQ:CRUS opened at $118.54 on Wednesday. The stock’s 50-day simple moving average is $130.55 and its 200 day simple moving average is $118.09. The firm has a market capitalization of $6.34 billion, a PE ratio of 24.04 and a beta of 0.96. Cirrus Logic has a twelve month low of $65.02 and a twelve month high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.50. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The firm had revenue of $374.03 million for the quarter, compared to analyst estimates of $318.41 million. During the same period last year, the firm posted $0.35 earnings per share. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. On average, analysts anticipate that Cirrus Logic will post 5.26 EPS for the current fiscal year.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, SVP Justin E. Dougherty sold 10,203 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the completion of the transaction, the senior vice president now owns 4,838 shares in the company, valued at $637,212.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Andrew Brannan sold 4,350 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the completion of the transaction, the vice president now directly owns 4,004 shares in the company, valued at $544,704.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the transaction, the senior vice president now owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cirrus Logic

A number of hedge funds and other institutional investors have recently modified their holdings of CRUS. Vanguard Group Inc. increased its holdings in Cirrus Logic by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock valued at $588,977,000 after purchasing an additional 128,393 shares during the period. Balyasny Asset Management L.P. lifted its stake in shares of Cirrus Logic by 307.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock valued at $58,777,000 after purchasing an additional 533,019 shares during the period. State Board of Administration of Florida Retirement System boosted its position in shares of Cirrus Logic by 13.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 48,030 shares of the semiconductor company’s stock valued at $4,446,000 after purchasing an additional 5,645 shares in the last quarter. Sei Investments Co. boosted its position in shares of Cirrus Logic by 6.6% during the first quarter. Sei Investments Co. now owns 696,895 shares of the semiconductor company’s stock valued at $64,505,000 after purchasing an additional 42,897 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC raised its holdings in Cirrus Logic by 741.0% in the second quarter. Susquehanna Fundamental Investments LLC now owns 27,754 shares of the semiconductor company’s stock worth $3,543,000 after purchasing an additional 24,454 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.