Cirrus Logic, Inc. (NASDAQ:CRUS) Rating Lowered to Underweight at Barclays PLC
Cirrus Logic, Inc. (NASDAQ:CRUS) was downgraded by equities researchers at Barclays PLC from an “equal weight” rating to an “underweight” rating in a report issued on Tuesday. They currently have a $55.00 target price on the semiconductor company’s stock. Barclays PLC’s price objective points to a potential downside of 13.62% from the stock’s current price.
Several other equities research analysts have also recently issued reports on the company. Pacific Crest upgraded Cirrus Logic from a “sector weight” rating to an “overweight” rating and set a $75.00 price target for the company in a research note on Tuesday, April 4th. Needham & Company LLC reiterated a “buy” rating and issued a $70.00 price target on shares of Cirrus Logic in a research note on Friday, April 14th. Vetr cut Cirrus Logic from a “strong-buy” rating to a “buy” rating and set a $70.00 price target for the company. in a research note on Tuesday, April 18th. Dougherty & Co boosted their price target on Cirrus Logic from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, May 4th. Finally, Stifel Nicolaus boosted their price target on Cirrus Logic from $70.00 to $73.00 and gave the company a “buy” rating in a research note on Wednesday, May 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. Cirrus Logic has an average rating of “Buy” and an average target price of $68.77.
Cirrus Logic (NASDAQ CRUS) opened at 63.67 on Tuesday. Cirrus Logic has a one year low of $39.26 and a one year high of $71.97. The stock has a 50 day moving average price of $65.03 and a 200-day moving average price of $61.14. The firm has a market capitalization of $4.07 billion, a PE ratio of 16.24 and a beta of 0.03.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, May 3rd. The semiconductor company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.14. The company had revenue of $327.86 million during the quarter, compared to analysts’ expectations of $320.94 million. Cirrus Logic had a return on equity of 26.32% and a net margin of 16.31%. The business’s revenue was up 41.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 earnings per share. On average, equities analysts forecast that Cirrus Logic will post $4.56 earnings per share for the current year.
In other Cirrus Logic news, VP Randolph K. Carlson sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $63.12, for a total transaction of $1,893,600.00. Following the completion of the transaction, the vice president now directly owns 37,265 shares in the company, valued at $2,352,166.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christine King sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $63.73, for a total transaction of $446,110.00. Following the transaction, the director now owns 8,126 shares of the company’s stock, valued at $517,869.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,853 shares of company stock valued at $6,197,708. Company insiders own 1.92% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Oakbrook Investments LLC purchased a new position in shares of Cirrus Logic during the second quarter valued at approximately $289,000. Legato Capital Management LLC purchased a new position in shares of Cirrus Logic during the second quarter valued at approximately $320,000. State Treasurer State of Michigan increased its position in shares of Cirrus Logic by 1.9% in the second quarter. State Treasurer State of Michigan now owns 26,600 shares of the semiconductor company’s stock valued at $1,668,000 after buying an additional 500 shares in the last quarter. Aperio Group LLC increased its position in shares of Cirrus Logic by 36.3% in the second quarter. Aperio Group LLC now owns 19,720 shares of the semiconductor company’s stock valued at $1,237,000 after buying an additional 5,256 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its position in shares of Cirrus Logic by 3.7% in the second quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the semiconductor company’s stock valued at $1,054,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 94.91% of the company’s stock.
Cirrus Logic Company Profile
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.
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