Zacks Investment Research downgraded shares of Cirrus Logic, Inc. (NASDAQ:CRUS) from a buy rating to a hold rating in a report issued on Tuesday morning.

According to Zacks, “Cirrus Logic is a premier supplier of high-performance analog circuits and advanced mixed-signal chip solutions. Continued investments in the audio segment have helped the company to come up with innovative products from time to time. This aids it in attracting new customers and brings in additional revenues. Additionally, expansion in the LED market continues to drive growth. Cirrus Logic generates a significant portion of revenues from Apple. This means that there is always an inherent risk of losing an Apple design contract, which will significantly hurt the company’s financials. Moreover, the company faces competition from the likes of Texas Instruments and STMicroelectronics, which also remains a concern. Notably, shares of the company have underperformed the industry over the past one year.”

A number of other equities analysts have also commented on the company. Bank of America Corporation initiated coverage on Cirrus Logic in a research note on Monday, September 18th. They set an underperform rating and a $50.00 price objective on the stock. Barclays PLC lowered Cirrus Logic from an equal weight rating to an underweight rating and set a $55.00 price target on the stock. in a research note on Tuesday, July 18th. Vetr upgraded Cirrus Logic from a buy rating to a strong-buy rating and set a $66.67 price target on the stock in a research note on Thursday, August 3rd. Craig Hallum reiterated a hold rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. Finally, KeyCorp reiterated an overweight rating on shares of Cirrus Logic in a research note on Thursday, September 14th. Two analysts have rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $67.69.

Shares of Cirrus Logic (NASDAQ CRUS) traded down 0.69% during mid-day trading on Tuesday, reaching $52.94. The company’s stock had a trading volume of 769,773 shares. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 12.38 and a beta of 0.01. Cirrus Logic has a 52-week low of $49.05 and a 52-week high of $71.97. The firm has a 50 day moving average price of $55.16 and a 200 day moving average price of $60.92.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.15. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The firm had revenue of $320.70 million for the quarter, compared to analyst estimates of $320.32 million. During the same quarter last year, the company earned $0.44 EPS. The company’s revenue was up 23.6% on a year-over-year basis. On average, equities analysts predict that Cirrus Logic will post $4.75 EPS for the current fiscal year.

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In other Cirrus Logic news, Director William D. Sherman sold 1,378 shares of Cirrus Logic stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $61.84, for a total transaction of $85,215.52. Following the transaction, the director now directly owns 7,307 shares of the company’s stock, valued at approximately $451,864.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Randolph K. Carlson sold 53,332 shares of Cirrus Logic stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $57.10, for a total value of $3,045,257.20. Following the transaction, the vice president now directly owns 27,265 shares in the company, valued at $1,556,831.50. The disclosure for this sale can be found here. Insiders have sold a total of 109,666 shares of company stock worth $6,186,793 in the last 90 days. 1.92% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. King Luther Capital Management Corp acquired a new position in Cirrus Logic during the 2nd quarter worth about $1,101,000. Teachers Advisors LLC lifted its holdings in Cirrus Logic by 230.6% during the 2nd quarter. Teachers Advisors LLC now owns 397,156 shares of the semiconductor company’s stock worth $24,910,000 after buying an additional 277,015 shares during the period. BlueMountain Capital Management LLC acquired a new position in Cirrus Logic during the 2nd quarter worth about $2,449,000. Principal Financial Group Inc. lifted its holdings in Cirrus Logic by 4.3% during the 2nd quarter. Principal Financial Group Inc. now owns 276,706 shares of the semiconductor company’s stock worth $17,355,000 after buying an additional 11,483 shares during the period. Finally, State of Tennessee Treasury Department lifted its holdings in Cirrus Logic by 135.2% during the 2nd quarter. State of Tennessee Treasury Department now owns 211,710 shares of the semiconductor company’s stock worth $13,278,000 after buying an additional 121,710 shares during the period. 89.09% of the stock is currently owned by hedge funds and other institutional investors.

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.

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