Cirrus Logic (CRUS) Cut to “Sell” at BidaskClub

Cirrus Logic (NASDAQ:CRUS) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Thursday.

Several other research analysts also recently weighed in on the stock. Bank of America initiated coverage on shares of Cirrus Logic in a report on Monday, September 18th. They issued an “underperform” rating and a $50.00 target price for the company. Craig Hallum reaffirmed a “hold” rating and issued a $54.00 target price (down previously from $63.00) on shares of Cirrus Logic in a report on Friday, November 3rd. Vetr downgraded shares of Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 target price for the company. in a report on Monday, December 18th. KeyCorp reaffirmed an “overweight” rating on shares of Cirrus Logic in a report on Thursday, September 14th. Finally, Zacks Investment Research downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Five research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $65.76.

Shares of Cirrus Logic (NASDAQ:CRUS) traded up $0.50 during trading on Thursday, reaching $52.84. The company has a market capitalization of $3,360.00 and a PE ratio of 12.92. Cirrus Logic has a fifty-two week low of $48.61 and a fifty-two week high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.16. The company had revenue of $425.50 million during 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%. Cirrus Logic’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.35 EPS. sell-side analysts forecast that Cirrus Logic will post 4.21 EPS for the current year.

In other Cirrus Logic news, Director Christine King sold 562 shares of the business’s stock in a transaction 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 sale, the director now owns 11,744 shares in the company, valued at approximately $584,264. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 6,123 shares of company stock worth $328,718. Corporate insiders own 1.92% of the company’s stock.

A number of hedge funds have recently made changes to their positions in CRUS. Old Mutual Global Investors UK Ltd. lifted its stake in Cirrus Logic by 187.2% in the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 870,484 shares of the semiconductor company’s stock worth $46,414,000 after purchasing an additional 567,354 shares in the last quarter. Koch Industries Inc. lifted its stake in Cirrus Logic by 3,884.7% in the 2nd quarter. Koch Industries Inc. now owns 494,467 shares of the semiconductor company’s stock worth $487,000 after purchasing an additional 482,058 shares in the last quarter. Prudential Financial Inc. lifted its stake in Cirrus Logic by 69.6% in the 3rd quarter. Prudential Financial Inc. now owns 967,033 shares of the semiconductor company’s stock worth $51,562,000 after purchasing an additional 396,890 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Cirrus Logic by 111.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 565,509 shares of the semiconductor company’s stock worth $35,470,000 after purchasing an additional 298,388 shares in the last quarter. Finally, Teachers Advisors LLC raised its position in shares of Cirrus Logic by 230.6% during the 2nd quarter. Teachers Advisors LLC now owns 397,156 shares of the semiconductor company’s stock valued at $24,910,000 after buying an additional 277,015 shares in the last quarter. Institutional investors and hedge funds own 89.34% of the company’s stock.

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About Cirrus Logic

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.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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