Cypress Semiconductor Corporation (NASDAQ:CY)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research note issued to investors on Monday. They currently have a $20.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price target points to a potential upside of 36.15% from the company’s previous close.

The analysts wrote, “Last week we hosted an investor call with Thad Trent, CFO, and Mike Hogan, GM of IoT at Cypress. Roughly 18% of Cypress’ total revenue, or $108M last quarter, comes from its acquisition of Broadcom’s IoT division which has grown 35%-40% Y/Y since the acquisition closed last year. Cypress’ IoT division services the consumer (70%), Industrial (20%) and Automotive (10%) end markets and is expected to grow at a 17% CAGR over the next 5 years (at the market rate).””

Other research analysts have also issued reports about the company. KeyCorp reaffirmed an “overweight” rating and issued a $17.00 price objective on shares of Cypress Semiconductor Corporation in a report on Wednesday, July 12th. Barclays PLC raised Cypress Semiconductor Corporation from an “equal weight” rating to an “overweight” rating in a report on Friday, July 21st. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Cypress Semiconductor Corporation in a report on Thursday, August 31st. Mizuho reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Cypress Semiconductor Corporation in a report on Tuesday, August 29th. Finally, Loop Capital reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Cypress Semiconductor Corporation in a report on Tuesday, August 22nd. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $17.09.

Shares of Cypress Semiconductor Corporation (NASDAQ CY) opened at 14.69 on Monday. The company’s market capitalization is $4.88 billion. The stock has a 50 day moving average price of $13.74 and a 200 day moving average price of $13.78. Cypress Semiconductor Corporation has a 52-week low of $9.63 and a 52-week high of $15.11.

Cypress Semiconductor Corporation (NASDAQ:CY) last posted its earnings results on Thursday, July 27th. The semiconductor company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.05. The business had revenue of $593.80 million for the quarter, compared to analyst estimates of $546.82 million. Cypress Semiconductor Corporation had a positive return on equity of 6.27% and a negative net margin of 6.04%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.13 EPS. On average, analysts predict that Cypress Semiconductor Corporation will post $0.80 earnings per share for the current fiscal year.

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In related news, EVP Dana Nazarian sold 250,075 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $14.10, for a total transaction of $3,526,057.50. Following the completion of the sale, the executive vice president now directly owns 302,657 shares in the company, valued at approximately $4,267,463.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director J Daniel Mccranie acquired 30,000 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The shares were acquired at an average price of $14.37 per share, with a total value of $431,100.00. Following the completion of the transaction, the director now owns 55,000 shares in the company, valued at $790,350. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 60,000 shares of company stock valued at $834,100. Corporate insiders own 0.69% of the company’s stock.

Several hedge funds have recently made changes to their positions in CY. Ffcm LLC lifted its position in shares of Cypress Semiconductor Corporation by 139.2% during the 2nd quarter. Ffcm LLC now owns 8,145 shares of the semiconductor company’s stock worth $109,000 after buying an additional 4,740 shares during the last quarter. IFP Advisors Inc lifted its position in shares of Cypress Semiconductor Corporation by 13.3% during the 2nd quarter. IFP Advisors Inc now owns 8,628 shares of the semiconductor company’s stock worth $118,000 after buying an additional 1,014 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of Cypress Semiconductor Corporation by 101.7% during the 1st quarter. Nordea Investment Management AB now owns 9,121 shares of the semiconductor company’s stock worth $126,000 after buying an additional 4,600 shares during the last quarter. ClariVest Asset Management LLC lifted its position in shares of Cypress Semiconductor Corporation by 101.7% during the 1st quarter. ClariVest Asset Management LLC now owns 9,121 shares of the semiconductor company’s stock worth $126,000 after buying an additional 4,600 shares during the last quarter. Finally, ING Groep NV bought a new stake in shares of Cypress Semiconductor Corporation during the 2nd quarter worth $138,000. Institutional investors and hedge funds own 96.98% of the company’s stock.

Cypress Semiconductor Corporation Company Profile

Cypress Semiconductor Corporation manufactures embedded system solutions for automotive, industrial, home automation and appliances, consumer electronics and medical products. The Company’s segments include Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). MCD focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions.

Analyst Recommendations for Cypress Semiconductor Corporation (NASDAQ:CY)

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