Cirrus Logic (NASDAQ:CRUS) Rating Lowered to “Hold” at Wall Street Zen

Cirrus Logic (NASDAQ:CRUS) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

CRUS has been the topic of a number of other research reports. Barclays reduced their price objective on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research note on Thursday. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. KeyCorp dropped their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday. Zacks Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Stifel Nicolaus decreased their price target on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a report on Thursday. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Cirrus Logic currently has a consensus rating of “Moderate Buy” and an average price target of $150.71.

Cirrus Logic Price Performance

NASDAQ CRUS opened at $124.92 on Friday. Cirrus Logic has a 1-year low of $99.78 and a 1-year high of $180.42. The firm has a market capitalization of $6.26 billion, a P/E ratio of 15.29 and a beta of 1.18. The business’s 50-day simple moving average is $148.68 and its 200-day simple moving average is $149.17.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. The business had revenue of $459.72 million for the quarter, compared to the consensus estimate of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.51 EPS. On average, equities research analysts expect that Cirrus Logic will post 7.86 EPS for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total transaction of $935,405.44. Following the transaction, the executive vice president owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. This trade represents a 47.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $138.57, for a total value of $161,572.62. Following the completion of the transaction, the executive vice president owned 15,239 shares of the company’s stock, valued at $2,111,668.23. This trade represents a 7.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 18,465 shares of company stock valued at $2,891,169. Corporate insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CRUS. Parallel Advisors LLC raised its holdings in Cirrus Logic by 6.2% during the 4th quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock valued at $162,000 after acquiring an additional 80 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 88 shares during the period. EP Wealth Advisors LLC increased its position in shares of Cirrus Logic by 1.7% during the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock valued at $598,000 after buying an additional 95 shares during the period. Diversified Trust Co boosted its position in shares of Cirrus Logic by 1.1% in the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock valued at $1,316,000 after acquiring an additional 102 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after acquiring an additional 120 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.