Cirrus Logic (NASDAQ:CRUS) Shares Gap Down on Analyst Downgrade

Cirrus Logic, Inc. (NASDAQ:CRUS) shares gapped down before the market opened on Tuesday after StockNews.com downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $110.63, but opened at $100.49. Cirrus Logic shares last traded at $104.02, with a volume of 295,067 shares.

Other research analysts also recently issued reports about the stock. Susquehanna lowered their price objective on shares of Cirrus Logic from $160.00 to $135.00 and set a “positive” rating on the stock in a research report on Tuesday. KeyCorp raised their price target on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Barclays reduced their price objective on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Stifel Nicolaus lowered their target price on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cirrus Logic has an average rating of “Moderate Buy” and a consensus target price of $132.00.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the transaction, the vice president now owns 4,004 shares in the company, valued at approximately $544,704.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the sale, the vice president now directly owns 4,004 shares in the company, valued at $544,704.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Justin E. Dougherty sold 10,203 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the completion of the transaction, the senior vice president now owns 4,838 shares of the company’s stock, valued at $637,212.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.02% of the stock is owned by insiders.

Institutional Trading of Cirrus Logic

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Cirrus Logic by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock valued at $588,977,000 after acquiring an additional 128,393 shares during the period. LSV Asset Management raised its holdings in Cirrus Logic by 34.6% during the second quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock worth $241,340,000 after purchasing an additional 486,086 shares during the last quarter. Earnest Partners LLC boosted its position in Cirrus Logic by 3.0% during the second quarter. Earnest Partners LLC now owns 1,358,140 shares of the semiconductor company’s stock worth $173,380,000 after purchasing an additional 39,759 shares in the last quarter. Sei Investments Co. grew its holdings in Cirrus Logic by 8.6% in the second quarter. Sei Investments Co. now owns 756,585 shares of the semiconductor company’s stock valued at $96,587,000 after purchasing an additional 59,690 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Cirrus Logic by 8,183.4% in the second quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company’s stock valued at $84,935,000 after buying an additional 657,288 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Trading Up 1.3 %

The firm has a 50 day moving average price of $124.88 and a 200-day moving average price of $122.24. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of 19.24 and a beta of 0.96.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.23. The company had revenue of $541.90 million during the quarter, compared to analysts’ expectations of $520.53 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.43 earnings per share. As a group, equities analysts expect that Cirrus Logic, Inc. will post 5.37 earnings per share for the current fiscal year.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.