Cirrus Logic (NASDAQ:CRUS) Rating Lowered to Buy at StockNews.com

StockNews.com downgraded shares of Cirrus Logic (NASDAQ:CRUS) from a strong-buy rating to a buy rating in a research note issued to investors on Friday morning.

Other research analysts also recently issued research reports about the company. Benchmark downgraded Cirrus Logic from a buy rating to a hold rating in a research note on Thursday, May 16th. Barclays upped their target price on shares of Cirrus Logic from $95.00 to $110.00 and gave the stock an overweight rating in a research report on Wednesday, May 8th. KeyCorp increased their price target on shares of Cirrus Logic from $120.00 to $155.00 and gave the company an overweight rating in a research report on Tuesday, July 9th. Susquehanna raised their price objective on Cirrus Logic from $120.00 to $175.00 and gave the company a positive rating in a research note on Wednesday, July 17th. Finally, TD Cowen raised their target price on shares of Cirrus Logic from $100.00 to $115.00 and gave the stock a buy rating in a report on Wednesday, May 8th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Cirrus Logic currently has a consensus rating of Moderate Buy and a consensus target price of $128.57.

Cirrus Logic Stock Performance

CRUS opened at $130.96 on Friday. Cirrus Logic has a fifty-two week low of $65.02 and a fifty-two week high of $142.83. The firm has a 50-day moving average of $125.84 and a 200 day moving average of $102.46. The firm has a market cap of $7.00 billion, a P/E ratio of 26.56 and a beta of 0.94.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.48. The firm had revenue of $371.83 million for the quarter, compared to analysts’ expectations of $320.14 million. Cirrus Logic had a return on equity of 16.49% and a net margin of 15.35%. Equities research analysts predict that Cirrus Logic will post 4.75 earnings per share for the current fiscal year.

Insider Activity at Cirrus Logic

In related news, SVP Justin E. Dougherty sold 4,000 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $107.85, for a total value of $431,400.00. Following the sale, the senior vice president now directly owns 5,838 shares of the company’s stock, valued at $629,628.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, SVP Justin E. Dougherty sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $107.85, for a total value of $431,400.00. Following the sale, the senior vice president now owns 5,838 shares in the company, valued at approximately $629,628.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alexander M. Davern sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $115.85, for a total value of $115,850.00. Following the transaction, the director now owns 19,332 shares of the company’s stock, valued at $2,239,612.20. The disclosure for this sale can be found here. Insiders have sold 18,706 shares of company stock worth $2,187,098 over the last 90 days. 1.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CRUS. Innealta Capital LLC bought a new stake in Cirrus Logic in the 2nd quarter worth approximately $192,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Cirrus Logic by 6.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,242 shares of the semiconductor company’s stock worth $1,435,000 after buying an additional 646 shares in the last quarter. Arkadios Wealth Advisors raised its stake in Cirrus Logic by 2.8% during the 2nd quarter. Arkadios Wealth Advisors now owns 4,413 shares of the semiconductor company’s stock worth $563,000 after acquiring an additional 119 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Cirrus Logic by 35.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 61,566 shares of the semiconductor company’s stock valued at $7,860,000 after purchasing an additional 16,006 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Cirrus Logic by 11.7% during the second quarter. Bank of New York Mellon Corp now owns 510,309 shares of the semiconductor company’s stock valued at $65,146,000 after acquiring an additional 53,458 shares during the period. 87.96% of the stock is owned by institutional investors.

About Cirrus Logic

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.