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

Wall Street Zen cut shares of Cirrus Logic (NASDAQ:CRUS) from a buy rating to a hold rating in a report released on Sunday morning,Wall Street Zen reports.

A number of other research firms have also recently weighed in on CRUS. Barclays cut their price objective on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a report on Thursday, August 6th. Zacks Research downgraded shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. KeyCorp lowered shares of Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research note on Thursday. Stifel Nicolaus lowered their target price 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, August 6th. Finally, Weiss Ratings cut Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 2nd. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cirrus Logic has an average rating of “Hold” and a consensus target price of $150.71.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS opened at $107.87 on Friday. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 13.20 and a beta of 1.17. The firm’s 50 day simple moving average is $115.69 and its 200-day simple moving average is $141.55. Cirrus Logic has a 12 month low of $105.10 and a 12 month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The firm had revenue of $459.72 million during the quarter, compared to analysts’ expectations of $460.32 million. During the same period in the previous year, the business posted $1.51 EPS. The business’s revenue was up 12.9% compared to the same quarter last year. Analysts anticipate that Cirrus Logic will post 7.20 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction on Monday, September 21st. The shares were sold at an average price of $119.00, for a total value of $138,754.00. Following the sale, the executive vice president owned 12,907 shares of the company’s stock, valued at approximately $1,535,933. This trade represents a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cirrus Logic

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in Cirrus Logic during the second quarter worth approximately $840,638,000. Bank of America Corp DE acquired a new position in Cirrus Logic during the second quarter worth $168,329,000. Caisse de depot et placement du Quebec purchased a new stake in Cirrus Logic in the 2nd quarter valued at $61,500,000. Bank of New York Mellon Corp purchased a new stake in Cirrus Logic in the 2nd quarter valued at $55,562,000. Finally, Empowered Funds LLC increased its stake in shares of Cirrus Logic by 5,275.0% in the 1st quarter. Empowered Funds LLC now owns 211,454 shares of the semiconductor company’s stock worth $30,580,000 after acquiring an additional 207,520 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Key Cirrus Logic News

Here are the key news stories impacting Cirrus Logic this week:

• Positive Sentiment: GlobalFoundries plans to build two New York semiconductor fabs with up to $21 billion in Japanese-backed funding. Cirrus Logic is listed among the expected customers, alongside Apple, General Motors and Renesas, potentially improving long-term supply capacity and manufacturing visibility when the facilities begin operating in 2029. GlobalFoundries’ $21 Billion Deal Could Change the Economics of Chipmaking
• Positive Sentiment: Analysts’ average price target of approximately $150.71 remains materially above recent trading levels, suggesting potential upside if Cirrus Logic meets expectations and the company’s growth outlook improves. Nine analysts set USD 150.71 target for Cirrus Logic stock
• Neutral Sentiment: Cirrus Logic’s quarterly results previously exceeded the consensus EPS estimate, while revenue increased year over year. However, the company slightly missed the revenue forecast, leaving investors focused on forward demand and customer concentration.
• Negative Sentiment: KeyBanc downgraded Cirrus Logic from Overweight to Equal Weight/Sector Weight after its Asia trip, citing concerns related to Apple. Although the firm noted strength in memory and analog markets, the downgrade removes a bullish recommendation and likely weighs on sentiment. KeyBanc Downgrades Cirrus Logic to Sector Weight Cirrus Logic downgraded by KeyBanc on Apple concerns

Cirrus Logic Company Profile

Cirrus Logic, Inc is a fabless semiconductor company that develops high-performance, low-power analog and mixed-signal processing solutions. Its technologies are designed to capture, process, and enhance audio and other sensory signals in electronic devices.

The company’s products include audio converters, codecs, amplifiers, digital signal processors, voice-input components, and haptic and sensing solutions. These products are used in smartphones, laptops, tablets, headphones, home audio equipment, automotive systems, and other consumer and industrial applications.

Headquartered in Austin, Texas, Cirrus Logic serves customers globally through a combination of product development, engineering, sales, and support operations.