StockNews.com Downgrades Cirrus Logic (NASDAQ:CRUS) to Buy

Cirrus Logic (NASDAQ:CRUS) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Tuesday.

Several other equities research analysts have also commented on the stock. Barclays upped 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. Susquehanna upped their price objective on shares of Cirrus Logic from $100.00 to $120.00 and gave the stock a “positive” rating in a research report on Wednesday, May 8th. KeyCorp upped their price objective on shares of Cirrus Logic from $100.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Benchmark downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Finally, TD Cowen upped their price objective on shares of Cirrus Logic from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $107.86.

Cirrus Logic Price Performance

Shares of CRUS opened at $128.57 on Tuesday. The firm has a market capitalization of $6.87 billion, a PE ratio of 26.08 and a beta of 0.94. Cirrus Logic has a 1-year low of $65.02 and a 1-year high of $130.29. The company’s fifty day moving average price is $112.88 and its 200-day moving average price is $95.70.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $0.84 EPS 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 company had revenue of $371.83 million for the quarter, compared to analyst estimates of $320.14 million. As a group, research analysts anticipate that Cirrus Logic will post 4.75 EPS for the current fiscal year.

Insider Activity at Cirrus Logic

In other news, Director Alexander M. Davern sold 1,000 shares of the firm’s stock in a transaction that occurred 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 approximately $2,239,612.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Alexander M. Davern sold 1,000 shares of the firm’s stock in a transaction that occurred 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 approximately $2,239,612.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Justin E. Dougherty sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $107.85, for a total transaction of $431,400.00. Following the sale, the senior vice president now owns 5,838 shares of the company’s stock, valued at approximately $629,628.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,706 shares of company stock valued at $2,187,098. Corporate insiders own 1.02% of the company’s stock.

Institutional Trading of Cirrus Logic

Institutional investors have recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC increased its holdings in Cirrus Logic by 93.7% in the 4th quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 178 shares during the last quarter. Atlas Capital Advisors LLC boosted its position in Cirrus Logic by 103.0% in the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 204 shares during the period. Quadrant Capital Group LLC boosted its position in Cirrus Logic by 72.3% in the 4th quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 214 shares during the period. GAMMA Investing LLC boosted its position in Cirrus Logic by 79.5% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock valued at $61,000 after buying an additional 210 shares during the period. Finally, Disciplined Equity Management Inc. purchased a new position in Cirrus Logic in the 4th quarter valued at approximately $83,000. 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.