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

StockNews.com cut shares of Cirrus Logic (NASDAQ:CRUS) from a strong-buy rating to a buy rating in a research report sent to investors on Friday morning.

CRUS has been the topic of several other reports. Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $110.00 to $165.00 and gave the stock a buy rating in a research report on Thursday, July 18th. KeyCorp boosted their price target on Cirrus Logic from $120.00 to $155.00 and gave the company an overweight rating in a report on Tuesday, July 9th. Benchmark cut Cirrus Logic from a buy rating to a hold rating in a report on Thursday, May 16th. TD Cowen boosted their price objective on Cirrus Logic from $100.00 to $115.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. Finally, Susquehanna boosted their target price on shares of Cirrus Logic from $120.00 to $175.00 and gave the stock a positive rating in a research report on Wednesday, July 17th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $128.57.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS opened at $130.96 on Friday. Cirrus Logic has a 1-year low of $65.02 and a 1-year high of $142.83. The stock has a market cap of $7.00 billion, a P/E ratio of 26.56 and a beta of 0.94. The firm has a fifty day moving average price of $125.84 and a 200 day moving average price of $102.46.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.48. The firm had revenue of $371.83 million during the quarter, compared to the consensus estimate of $320.14 million. Cirrus Logic had a return on equity of 16.49% and a net margin of 15.35%. Sell-side analysts expect 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 business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $115.85, for a total transaction of $115,850.00. Following the completion of the sale, the director now owns 19,332 shares in the company, valued at $2,239,612.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cirrus Logic news, SVP Justin E. Dougherty sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $107.85, for a total value of $431,400.00. Following the sale, the senior vice president now owns 5,838 shares in the company, valued at $629,628.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $115.85, for a total value of $115,850.00. Following the sale, the director now directly owns 19,332 shares in the company, valued at approximately $2,239,612.20. The disclosure for this sale can be found here. Insiders have sold 18,706 shares of company stock worth $2,187,098 over the last quarter. 1.02% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cirrus Logic

Several institutional investors have recently bought and sold shares of CRUS. Norges Bank acquired a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $51,890,000. Balyasny Asset Management L.P. lifted its holdings in shares of Cirrus Logic by 307.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock valued at $58,777,000 after purchasing an additional 533,019 shares during the last quarter. Kodai Capital Management LP purchased a new stake in Cirrus Logic during the fourth quarter valued at about $27,072,000. Acadian Asset Management LLC boosted its stake in Cirrus Logic by 68.6% in the 1st quarter. Acadian Asset Management LLC now owns 460,681 shares of the semiconductor company’s stock worth $42,619,000 after purchasing an additional 187,438 shares during the period. Finally, DNB Asset Management AS purchased a new position in shares of Cirrus Logic during the second quarter valued at $23,250,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

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.