Cirrus Logic (CRUS) Downgraded to Hold at ValuEngine

ValuEngine downgraded shares of Cirrus Logic (NASDAQ:CRUS) from a buy rating to a hold rating in a report issued on Friday.

Other research analysts have also issued reports about the stock. Needham & Company LLC lowered shares of Cirrus Logic from a buy rating to a hold rating in a research note on Tuesday, February 6th. Barclays reduced their price objective on shares of Cirrus Logic from $45.00 to $36.00 and set an underweight rating for the company in a research note on Tuesday, February 6th. Craig Hallum reduced their price objective on shares of Cirrus Logic from $54.00 to $44.00 and set a hold rating for the company in a research note on Tuesday, February 6th. Northland Securities reiterated a buy rating and issued a $60.00 price objective on shares of Cirrus Logic in a research note on Tuesday, February 6th. Finally, BidaskClub lowered shares of Cirrus Logic from a sell rating to a strong sell rating in a research note on Tuesday, December 12th. Five analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Cirrus Logic currently has an average rating of Hold and an average target price of $60.22.

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Cirrus Logic (NASDAQ CRUS) opened at $40.70 on Friday. Cirrus Logic has a one year low of $39.51 and a one year high of $71.97. The firm has a market cap of $2,670.26, a P/E ratio of 14.64, a P/E/G ratio of 1.23 and a beta of 0.11.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Monday, February 5th. The semiconductor company reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $1.78 by ($0.19). Cirrus Logic had a net margin of 11.89% and a return on equity of 22.60%. The business had revenue of $482.70 million during the quarter, compared to analysts’ expectations of $530.99 million. During the same quarter in the prior year, the firm posted $1.87 earnings per share. The firm’s quarterly revenue was down 7.7% on a year-over-year basis. analysts expect that Cirrus Logic will post 3.78 EPS for the current year.

Cirrus Logic declared that its board has approved a share repurchase plan on Monday, February 5th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the semiconductor company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In other news, VP Randolph K. Carlson sold 7,265 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $42.03, for a total transaction of $305,347.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 7,888 shares of company stock valued at $335,162 over the last 90 days. Company insiders own 1.92% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. grew its position in Cirrus Logic by 2.9% in the fourth quarter. BlackRock Inc. now owns 7,070,636 shares of the semiconductor company’s stock worth $366,682,000 after acquiring an additional 197,960 shares in the last quarter. LSV Asset Management grew its position in Cirrus Logic by 0.7% in the fourth quarter. LSV Asset Management now owns 3,198,586 shares of the semiconductor company’s stock worth $165,878,000 after acquiring an additional 21,327 shares in the last quarter. Bank of New York Mellon Corp grew its position in Cirrus Logic by 7.8% in the fourth quarter. Bank of New York Mellon Corp now owns 1,764,220 shares of the semiconductor company’s stock worth $91,491,000 after acquiring an additional 127,027 shares in the last quarter. Old Mutual Global Investors UK Ltd. grew its position in Cirrus Logic by 86.5% in the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 1,623,684 shares of the semiconductor company’s stock worth $84,204,000 after acquiring an additional 753,200 shares in the last quarter. Finally, UBS Asset Management Americas Inc. grew its position in Cirrus Logic by 10.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,304,324 shares of the semiconductor company’s stock worth $67,642,000 after acquiring an additional 125,285 shares in the last quarter. Institutional investors own 91.49% of the company’s stock.

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About Cirrus Logic

Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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