Cypress Semiconductor (NASDAQ:CY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Cypress Semiconductor reported strong fourth-quarter 2017 results. Both revenues and earnings increased on a year-over-year basis. The company is currently benefiting from improvement in automotive, IoT wireless connectivity and USB-C solutions. Cypress’ advanced technology, momentum in new products, increased customer wins and growth initiatives are encouraging. The acquisition of Wireless Internet of Things (IoT) business has further strengthened the company’s dominant position in the IoT market. However, weak and uncertain macro environment remain concerns. In the past 12-months, the stock has underperformed the industry it belongs to.”
Other analysts also recently issued reports about the company. Craig Hallum reiterated a “buy” rating and set a $21.00 target price on shares of Cypress Semiconductor in a research report on Tuesday, December 5th. SunTrust Banks restated a “hold” rating and set a $19.00 price objective on shares of Cypress Semiconductor in a research report on Friday, February 2nd. Susquehanna Bancshares assumed coverage on Cypress Semiconductor in a research report on Wednesday, December 13th. They set a “positive” rating and a $20.00 price objective for the company. Loop Capital restated a “buy” rating and set a $20.00 price objective (up from $17.00) on shares of Cypress Semiconductor in a research report on Friday, October 27th. Finally, BidaskClub upgraded Cypress Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $19.04.
Cypress Semiconductor (NASDAQ:CY) last released its earnings results on Thursday, February 1st. The semiconductor company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. The firm had revenue of $597.54 million during the quarter, compared to the consensus estimate of $593.15 million. Cypress Semiconductor had a positive return on equity of 12.48% and a negative net margin of 4.02%. The company’s revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.15 EPS. sell-side analysts anticipate that Cypress Semiconductor will post 0.92 earnings per share for the current year.
In other Cypress Semiconductor news, SVP Sudhir Gopalswamy sold 3,000 shares of the company’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $15.51, for a total value of $46,530.00. Following the completion of the transaction, the senior vice president now owns 68,445 shares of the company’s stock, valued at approximately $1,061,581.95. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Sam Geha sold 14,517 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $17.34, for a total value of $251,724.78. Following the completion of the transaction, the senior vice president now directly owns 41,204 shares of the company’s stock, valued at approximately $714,477.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,517 shares of company stock valued at $399,295. Insiders own 0.69% of the company’s stock.
Several hedge funds have recently modified their holdings of CY. Villere ST Denis J & Co. LLC acquired a new stake in shares of Cypress Semiconductor in the fourth quarter valued at about $69,678,000. Westfield Capital Management Co. LP acquired a new stake in shares of Cypress Semiconductor in the third quarter valued at about $53,009,000. Ameriprise Financial Inc. increased its stake in shares of Cypress Semiconductor by 34.1% in the third quarter. Ameriprise Financial Inc. now owns 12,262,029 shares of the semiconductor company’s stock valued at $184,179,000 after buying an additional 3,116,871 shares during the period. TCW Group Inc. increased its stake in shares of Cypress Semiconductor by 13.8% in the third quarter. TCW Group Inc. now owns 13,463,003 shares of the semiconductor company’s stock valued at $202,214,000 after buying an additional 1,628,930 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of Cypress Semiconductor by 113.9% in the fourth quarter. First Trust Advisors LP now owns 1,871,612 shares of the semiconductor company’s stock valued at $28,523,000 after buying an additional 996,755 shares during the period. 98.42% of the stock is owned by institutional investors.
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About Cypress Semiconductor
Cypress Semiconductor Corporation manufactures embedded system solutions for automotive, industrial, home automation and appliances, consumer electronics and medical products. The Company’s segments include Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). MCD focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions.
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