Cirrus Logic (NASDAQ:CRUS) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Cirrus Logic (NASDAQ:CRUS) from a buy rating to a hold rating in a research note issued to investors on Saturday.

Other equities analysts also recently issued reports about the stock. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Stifel Nicolaus decreased their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Barclays dropped their target price on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, KeyCorp cut their price target on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cirrus Logic has a consensus rating of “Moderate Buy” and an average target price of $150.71.

Cirrus Logic Price Performance

CRUS stock opened at $124.92 on Friday. The business has a fifty day moving average price of $148.68 and a 200 day moving average price of $148.99. Cirrus Logic has a fifty-two week low of $99.78 and a fifty-two week high of $180.42. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of 15.29 and a beta of 1.18.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.81 by $0.03. The company had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The business’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.51 earnings per share. On average, equities analysts expect that Cirrus Logic will post 7.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Justin E. Dougherty sold 2,000 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the sale, the executive vice president owned 4,537 shares in the company, valued at approximately $755,410.50. The trade was a 30.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total value of $159,000.00. Following the completion of the transaction, the director directly owned 20,531 shares in the company, valued at approximately $3,264,429. This trade represents a 4.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 18,465 shares of company stock valued at $2,891,169 over the last three months. 1.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Cirrus Logic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRUS. Foster & Motley Inc. bought a new position in Cirrus Logic during the second quarter worth about $4,672,000. RHS Financial LLC bought a new stake in shares of Cirrus Logic in the 2nd quarter valued at about $274,000. Meeder Asset Management Inc. acquired a new stake in shares of Cirrus Logic in the 2nd quarter valued at approximately $66,000. BlackRock Inc. bought a new position in Cirrus Logic during the 2nd quarter worth approximately $840,638,000. Finally, Pallas Capital Advisors LLC acquired a new position in Cirrus Logic during the second quarter valued at approximately $337,000. Institutional investors own 87.96% of the company’s stock.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.