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 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.
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.
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