Vetr Lowers Cirrus Logic (CRUS) to Sell

Vetr lowered shares of Cirrus Logic (NASDAQ:CRUS) from a hold rating to a sell rating in a research note issued to investors on Monday morning. The firm currently has $49.82 price objective on the semiconductor company’s stock.

Other equities analysts also recently issued reports about the stock. Bank of America assumed coverage on shares of Cirrus Logic in a research note on Monday, September 18th. They issued an underperform rating and a $50.00 target price on the stock. ValuEngine downgraded shares of Cirrus Logic from a buy rating to a hold rating in a research note on Monday, September 18th. Canaccord Genuity restated a buy rating and issued a $76.00 target price on shares of Cirrus Logic in a research note on Tuesday, September 19th. Craig Hallum restated a hold rating and issued a $54.00 target price (down from $63.00) on shares of Cirrus Logic in a research note on Friday, November 3rd. Finally, Zacks Investment Research downgraded shares of Cirrus Logic from a buy rating to a hold rating in a research note on Tuesday, October 17th. Four research analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the stock. Cirrus Logic currently has a consensus rating of Hold and an average price target of $65.76.

Cirrus Logic (NASDAQ:CRUS) opened at $52.62 on Monday. The company has a market cap of $3,318.23, a PE ratio of 11.90, a price-to-earnings-growth ratio of 1.36 and a beta of 0.01. Cirrus Logic has a one year low of $48.61 and a one year high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.16. The business had revenue of $425.50 million for the quarter, compared to the consensus estimate of $410.32 million. Cirrus Logic had a net margin of 17.11% and a return on equity of 25.37%. The company’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.35 EPS. equities analysts forecast that Cirrus Logic will post 4.21 EPS for the current year.

In other news, Director Christine King sold 562 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $49.75, for a total value of $27,959.50. Following the completion of the sale, the director now owns 11,744 shares of the company’s stock, valued at approximately $584,264. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Bradley J. Fluke sold 7,325 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $53.44, for a total transaction of $391,448.00. Following the completion of the sale, the vice president now directly owns 12,000 shares of the company’s stock, valued at approximately $641,280. The disclosure for this sale can be found here. Insiders sold a total of 18,443 shares of company stock valued at $992,631 in the last ninety days. Corporate insiders own 1.92% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in CRUS. Fortaleza Asset Management Inc. purchased a new stake in shares of Cirrus Logic in the 2nd quarter worth approximately $102,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in Cirrus Logic by 72.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock valued at $138,000 after acquiring an additional 1,086 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in Cirrus Logic by 96.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock valued at $157,000 after acquiring an additional 1,372 shares during the last quarter. ETRADE Capital Management LLC purchased a new stake in Cirrus Logic during the second quarter valued at approximately $201,000. Finally, Sapphire Star Partners LP purchased a new stake in Cirrus Logic during the third quarter valued at approximately $211,000. 89.25% of the stock is owned by hedge funds and other institutional investors.

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Cirrus Logic Company Profile

Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.

To view Vetr’s full report, visit Vetr’s official website.

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