Cirrus Logic (CRUS) Cut to Sell at BidaskClub

BidaskClub downgraded shares of Cirrus Logic (NASDAQ:CRUS) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

CRUS has been the subject of a number of other reports. Northland Securities reiterated a buy rating on shares of Cirrus Logic in a research note on Friday, November 3rd. Zacks Investment Research cut shares of Cirrus Logic from a hold rating to a sell rating in a research note on Friday, January 12th. ValuEngine cut shares of Cirrus Logic from a buy rating to a hold rating in a research note on Sunday, December 31st. Vetr cut shares of Cirrus Logic from a hold rating to a sell rating and set a $49.82 target price for the company. in a research note on Monday, December 18th. Finally, Canaccord Genuity reiterated a buy rating and issued a $76.00 target price on shares of Cirrus Logic in a research note on Friday, November 3rd. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $60.92.

Shares of Cirrus Logic (CRUS) opened at $42.38 on Wednesday. The stock has a market cap of $2,840.00, a P/E ratio of 15.24, a price-to-earnings-growth ratio of 1.17 and a beta of -0.02. Cirrus Logic has a one year low of $39.51 and a one year high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Monday, February 5th. The semiconductor company reported $1.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.78 by ($0.19). The business had revenue of $482.70 million during the quarter, compared to analyst estimates of $530.99 million. Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. Cirrus Logic’s revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.87 earnings per share. equities research analysts expect that Cirrus Logic will post 3.78 EPS for the current fiscal year.

Cirrus Logic announced that its Board of Directors has authorized a share buyback program on Monday, February 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

In other 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 completion of the sale, the director now directly owns 11,744 shares in the company, valued at $584,264. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 6,140 shares of company stock valued at $328,552 over the last 90 days. 1.92% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. Migdal Insurance & Financial Holdings Ltd. increased 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 worth $138,000 after acquiring an additional 1,086 shares during the period. DekaBank Deutsche Girozentrale increased 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 worth $157,000 after acquiring an additional 1,372 shares during the period. Capital Fund Management S.A. bought a new position in Cirrus Logic during the fourth quarter worth $200,000. Sapphire Star Partners LP bought a new position in Cirrus Logic during the third quarter worth $211,000. Finally, Rational Advisors LLC bought a new position in Cirrus Logic during the third quarter worth $213,000. 89.58% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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