Cirrus Logic (NASDAQ:CRUS) Lowered to “Buy” at StockNews.com

StockNews.com downgraded shares of Cirrus Logic (NASDAQ:CRUS) from a strong-buy rating to a buy rating in a research note released on Tuesday morning.

CRUS has been the subject of several other research reports. TD Cowen boosted their target price on shares of Cirrus Logic from $100.00 to $115.00 and gave the company a buy rating in a research note on Wednesday, May 8th. Barclays boosted their price target on shares of Cirrus Logic from $95.00 to $110.00 and gave the company an overweight rating in a report on Wednesday, May 8th. Stifel Nicolaus boosted their price target on shares of Cirrus Logic from $100.00 to $110.00 and gave the company a buy rating in a report on Wednesday, May 8th. Susquehanna boosted their price target on shares of Cirrus Logic from $100.00 to $120.00 and gave the company a positive rating in a report on Wednesday, May 8th. Finally, KeyCorp boosted their price target on shares of Cirrus Logic from $100.00 to $120.00 and gave the company an overweight rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Cirrus Logic currently has a consensus rating of Moderate Buy and an average target price of $107.86.

Cirrus Logic Trading Up 1.9 %

Shares of NASDAQ:CRUS opened at $129.77 on Tuesday. Cirrus Logic has a 12-month low of $65.02 and a 12-month high of $130.29. The company has a fifty day simple moving average of $112.04 and a 200 day simple moving average of $95.47. The firm has a market cap of $6.94 billion, a PE ratio of 26.32 and a beta of 0.94.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, May 7th. The semiconductor company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.48. Cirrus Logic had a net margin of 15.35% and a return on equity of 16.49%. The firm had revenue of $371.83 million during the quarter, compared to analyst estimates of $320.14 million. As a group, equities research analysts forecast that Cirrus Logic will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $115.85, for a total value of $115,850.00. Following the completion of the sale, the director now directly owns 19,332 shares of the company’s stock, valued at approximately $2,239,612.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $115.85, for a total transaction of $115,850.00. Following the sale, the director now owns 19,332 shares in the company, valued at approximately $2,239,612.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Carl Jackson Alberty sold 2,000 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $113.35, for a total value of $226,700.00. Following the sale, the vice president now owns 38,507 shares in the company, valued at approximately $4,364,768.45. The disclosure for this sale can be found here. In the last three months, insiders sold 18,706 shares of company stock valued at $2,187,098. 1.02% of the stock is owned by insiders.

Hedge Funds Weigh In On Cirrus Logic

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Cirrus Logic by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock valued at $588,977,000 after purchasing an additional 128,393 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Cirrus Logic by 1.5% in the 4th quarter. Mackenzie Financial Corp now owns 2,485,746 shares of the semiconductor company’s stock valued at $206,789,000 after purchasing an additional 35,722 shares during the period. LSV Asset Management increased its holdings in shares of Cirrus Logic by 8.3% in the 1st quarter. LSV Asset Management now owns 1,404,407 shares of the semiconductor company’s stock valued at $129,992,000 after purchasing an additional 107,888 shares during the period. Wellington Management Group LLP increased its holdings in Cirrus Logic by 2.9% in the fourth quarter. Wellington Management Group LLP now owns 1,368,475 shares of the semiconductor company’s stock worth $113,843,000 after buying an additional 38,659 shares during the last quarter. Finally, Earnest Partners LLC increased its holdings in Cirrus Logic by 4.8% in the first quarter. Earnest Partners LLC now owns 1,318,381 shares of the semiconductor company’s stock worth $122,029,000 after buying an additional 60,261 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

About Cirrus Logic

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.