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

Cirrus Logic, Inc. (NASDAQ:CRUS) shares gapped down before the market opened on Tuesday after Barclays lowered their price target on the stock from $120.00 to $105.00. The stock had previously closed at $110.63, but opened at $100.49. Barclays currently has an equal weight rating on the stock. Cirrus Logic shares last traded at $104.02, with a volume of 295,067 shares.

Several other brokerages also recently commented on CRUS. StockNews.com downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 9th. Stifel Nicolaus boosted their price objective on shares of Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Susquehanna decreased their price objective on shares of Cirrus Logic from $160.00 to $135.00 and set a “positive” rating for the company in a report on Tuesday. Finally, KeyCorp lifted their price target on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $137.00.

Insider Transactions at Cirrus Logic

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC lifted its position in shares of Cirrus Logic by 98.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 120 shares during the period. V Square Quantitative Management LLC bought a new stake in Cirrus Logic during the 3rd quarter valued at $31,000. Versant Capital Management Inc increased its holdings in shares of Cirrus Logic by 1,911.1% in the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 344 shares during the period. GAMMA Investing LLC raised its position in shares of Cirrus Logic by 79.5% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock worth $61,000 after acquiring an additional 210 shares in the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of Cirrus Logic during the 2nd quarter worth $77,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Price Performance

The business has a 50-day moving average of $125.69 and a two-hundred day moving average of $122.09. The company has a market cap of $5.59 billion, a P/E ratio of 19.23 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, beating the consensus estimate of $2.02 by $0.23. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The company had revenue of $541.90 million for the quarter, compared to analyst estimates of $520.53 million. During the same period in the prior year, the company posted $1.43 EPS. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. Equities analysts anticipate that Cirrus Logic, Inc. will post 5.37 EPS for the current fiscal year.

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.