Cirrus Logic (CRUS) Shares Gap Down to $35.63

Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $34.04, but opened at $35.63. Cirrus Logic shares last traded at $38.25, with a volume of 94784 shares trading hands.

Several research firms have recently weighed in on CRUS. Cowen increased their price target on Cirrus Logic from $40.00 to $44.00 and gave the company a “market perform” rating in a report on Thursday, August 2nd. ValuEngine cut Cirrus Logic from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. BidaskClub raised Cirrus Logic from a “sell” rating to a “hold” rating in a report on Saturday, July 28th. Craig Hallum reissued a “buy” rating and set a $47.00 price target (down from $51.00) on shares of Cirrus Logic in a report on Friday, November 2nd. Finally, Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Tuesday, August 7th. Five equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $47.88.

The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 10.09, a price-to-earnings-growth ratio of 1.13 and a beta of 0.45.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Thursday, November 1st. The semiconductor company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.74 by $0.34. The firm had revenue of $366.30 million during the quarter, compared to analyst estimates of $330.27 million. Cirrus Logic had a return on equity of 15.55% and a net margin of 7.09%. Cirrus Logic’s revenue was down 13.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.36 EPS. As a group, research analysts expect that Cirrus Logic, Inc. will post 2.44 EPS for the current fiscal year.

In other news, Director Timothy R. Dehne sold 4,171 shares of the company’s stock in a transaction on Sunday, August 26th. The stock was sold at an average price of $44.99, for a total value of $187,653.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.32% of the company’s stock.

Several large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in shares of Cirrus Logic by 98.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after purchasing an additional 657,662 shares in the last quarter. Clark Estates Inc. NY increased its stake in shares of Cirrus Logic by 3.1% in the 3rd quarter. Clark Estates Inc. NY now owns 87,600 shares of the semiconductor company’s stock worth $3,381,000 after purchasing an additional 2,600 shares in the last quarter. Royce & Associates LP increased its stake in shares of Cirrus Logic by 117.7% in the 3rd quarter. Royce & Associates LP now owns 476,912 shares of the semiconductor company’s stock worth $18,409,000 after purchasing an additional 257,833 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of Cirrus Logic in the 3rd quarter worth $20,366,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Cirrus Logic by 6.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,272,031 shares of the semiconductor company’s stock worth $87,699,000 after purchasing an additional 144,179 shares in the last quarter. Hedge funds and other institutional investors own 90.75% of the company’s stock.

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Cirrus Logic Company Profile (NASDAQ:CRUS)

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

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