BidaskClub Lowers Cirrus Logic (CRUS) to Hold

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

A number of other brokerages have also commented on CRUS. Zacks Investment Research raised Cirrus Logic from a hold rating to a strong-buy rating and set a $56.00 price target for the company in a research note on Wednesday, May 8th. Cowen reaffirmed a market perform rating and issued a $48.00 price objective (up from $38.00) on shares of Cirrus Logic in a research note on Thursday, May 2nd. MKM Partners raised their price objective on Cirrus Logic to $55.00 and gave the company a buy rating in a research note on Thursday, May 2nd. ValuEngine lowered Cirrus Logic from a buy rating to a hold rating in a research note on Friday, May 17th. Finally, Craig Hallum lowered Cirrus Logic from a buy rating to a hold rating and lowered their price objective for the company from $44.00 to $38.00 in a research note on Thursday, January 31st. Two analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Hold and an average target price of $45.00.

Shares of Cirrus Logic stock opened at $39.40 on Friday. Cirrus Logic has a 12 month low of $31.25 and a 12 month high of $50.12. The company has a market cap of $2.35 billion, a P/E ratio of 19.22, a PEG ratio of 1.82 and a beta of 0.65.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. Cirrus Logic had a return on equity of 10.65% and a net margin of 7.59%. The company had revenue of $240.44 million during the quarter, compared to analyst estimates of $219.67 million. During the same period in the prior year, the company earned $0.51 earnings per share. The firm’s revenue was down 20.7% on a year-over-year basis. On average, equities analysts anticipate that Cirrus Logic will post 1.5 EPS for the current year.

Cirrus Logic announced that its board has initiated a stock repurchase plan on Wednesday, January 30th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the semiconductor company to purchase up to 8.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

In other news, Director David J. Tupman sold 1,541 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $49.43, for a total value of $76,171.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Scott Thomas sold 6,153 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $45.00, for a total value of $276,885.00. The disclosure for this sale can be found here. 2.32% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Cirrus Logic by 3.3% in the first quarter. BlackRock Inc. now owns 7,917,404 shares of the semiconductor company’s stock worth $333,085,000 after buying an additional 253,505 shares during the period. AQR Capital Management LLC raised its holdings in shares of Cirrus Logic by 11.8% in the first quarter. AQR Capital Management LLC now owns 2,704,058 shares of the semiconductor company’s stock worth $113,138,000 after buying an additional 285,777 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Cirrus Logic by 98.1% in the third quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after buying an additional 657,662 shares during the period. Northern Trust Corp raised its holdings in shares of Cirrus Logic by 0.5% in the first quarter. Northern Trust Corp now owns 1,070,430 shares of the semiconductor company’s stock worth $45,032,000 after buying an additional 5,367 shares during the period. Finally, Norges Bank purchased a new stake in shares of Cirrus Logic in the fourth quarter worth approximately $33,900,000. 84.91% of the stock is owned by institutional investors and hedge funds.

About Cirrus Logic

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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