Cirrus Logic (NASDAQ:CRUS) Downgraded to Buy at BidaskClub

BidaskClub lowered shares of Cirrus Logic (NASDAQ:CRUS) from a strong-buy rating to a buy rating in a report released on Wednesday morning, BidAskClub reports.

A number of other analysts have also commented on the company. ValuEngine raised Cirrus Logic from a hold rating to a buy rating in a report on Tuesday, July 2nd. Needham & Company LLC reissued a hold rating on shares of Cirrus Logic in a report on Monday, August 5th. MKM Partners upped their target price on Cirrus Logic to $55.00 and gave the company a buy rating in a report on Thursday, May 2nd. Craig Hallum reaffirmed a hold rating and issued a $42.00 target price (up from $38.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Finally, Cowen reaffirmed a market perform rating and issued a $56.00 target price (up from $48.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $50.13.

Shares of CRUS opened at $54.54 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.18 and a current ratio of 4.30. The stock has a 50 day moving average price of $47.99 and a two-hundred day moving average price of $43.58. The firm has a market capitalization of $3.17 billion, a P/E ratio of 26.60, a P/E/G ratio of 1.77 and a beta of 0.95. Cirrus Logic has a 52 week low of $31.25 and a 52 week high of $60.00.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.21. The firm had revenue of $238.25 million during the quarter, compared to analyst estimates of $221.08 million. Cirrus Logic had a return on equity of 10.96% and a net margin of 8.46%. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 EPS. On average, equities analysts forecast that Cirrus Logic will post 1.98 earnings per share for the current year.

In other news, Director Timothy R. Dehne sold 4,583 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $53.15, for a total value of $243,586.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Bradley J. Fluke sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $42.77, for a total value of $342,160.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,430 shares of company stock valued at $7,565,529. 2.79% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. BRYN MAWR TRUST Co increased its stake in Cirrus Logic by 0.7% in the second quarter. BRYN MAWR TRUST Co now owns 121,512 shares of the semiconductor company’s stock valued at $5,311,000 after acquiring an additional 847 shares during the last quarter. Voleon Capital Management LP bought a new position in Cirrus Logic in the second quarter valued at $830,000. Schroder Investment Management Group increased its stake in Cirrus Logic by 12.4% in the second quarter. Schroder Investment Management Group now owns 26,059 shares of the semiconductor company’s stock valued at $1,139,000 after acquiring an additional 2,881 shares during the last quarter. Nuveen Asset Management LLC bought a new position in Cirrus Logic in the second quarter valued at $12,911,000. Finally, UBS Asset Management Americas Inc. increased its stake in Cirrus Logic by 6.1% in the second quarter. UBS Asset Management Americas Inc. now owns 46,490 shares of the semiconductor company’s stock valued at $2,032,000 after acquiring an additional 2,683 shares during the last quarter. Institutional investors and hedge funds own 84.86% of the company’s stock.

Cirrus Logic Company Profile

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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Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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