Cirrus Logic (NASDAQ:CRUS) Downgraded to “Hold” at BidaskClub

BidaskClub downgraded shares of Cirrus Logic (NASDAQ:CRUS) from a buy rating to a hold rating in a report released on Saturday morning, BidAskClub reports.

Several other research firms have also issued reports on CRUS. Oppenheimer started coverage on shares of Cirrus Logic in a report on Wednesday, August 12th. They issued a hold rating for the company. ValuEngine upgraded shares of Cirrus Logic from a sell rating to a hold rating in a report on Monday, August 3rd. TheStreet upgraded shares of Cirrus Logic from a c rating to a b- rating in a report on Tuesday, August 4th. Barclays upgraded shares of Cirrus Logic from an underweight rating to an equal weight rating and raised their target price for the stock from $60.00 to $65.00 in a report on Monday, September 14th. Finally, 140166 lifted their price objective on shares of Cirrus Logic from $78.00 to $86.00 in a report on Tuesday, August 4th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of Buy and an average target price of $80.13.

Shares of NASDAQ:CRUS opened at $69.16 on Friday. Cirrus Logic has a 52 week low of $47.04 and a 52 week high of $91.63. The stock has a market capitalization of $4.04 billion, a P/E ratio of 24.10, a PEG ratio of 3.56 and a beta of 0.80. The firm has a fifty day simple moving average of $63.96 and a two-hundred day simple moving average of $65.76.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Monday, August 3rd. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.23. The firm had revenue of $242.57 million during the quarter, compared to analyst estimates of $225.25 million. Cirrus Logic had a net margin of 13.47% and a return on equity of 16.75%. The business’s revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the business earned $0.35 EPS. On average, equities research analysts forecast that Cirrus Logic will post 2.47 earnings per share for the current year.

In related news, Director John C. Carter sold 625 shares of Cirrus Logic stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $73.99, for a total transaction of $46,243.75. Following the completion of the sale, the director now owns 15,656 shares in the company, valued at approximately $1,158,387.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.83% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of CRUS. Private Advisor Group LLC purchased a new position in Cirrus Logic during the 2nd quarter valued at about $25,000. Fifth Third Bancorp increased its position in Cirrus Logic by 29.7% during the 2nd quarter. Fifth Third Bancorp now owns 1,763 shares of the semiconductor company’s stock valued at $109,000 after purchasing an additional 404 shares during the period. Captrust Financial Advisors increased its position in Cirrus Logic by 103.3% during the 2nd quarter. Captrust Financial Advisors now owns 1,911 shares of the semiconductor company’s stock valued at $115,000 after purchasing an additional 971 shares during the period. Assetmark Inc. increased its position in Cirrus Logic by 9,819.2% during the 2nd quarter. Assetmark Inc. now owns 2,579 shares of the semiconductor company’s stock valued at $159,000 after purchasing an additional 2,553 shares during the period. Finally, Ovata Capital Management Ltd purchased a new position in Cirrus Logic during the 2nd quarter valued at about $167,000. 86.00% of the stock is currently owned by institutional investors and hedge funds.

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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