Needham & Company LLC Reiterates Hold Rating for Cirrus Logic (CRUS)
Cirrus Logic (NASDAQ:CRUS)‘s stock had its “hold” rating reissued by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Wednesday.
The analysts wrote, “As part of our AI / IoT call series, we hosted a well- attended call with to discuss the company’s voice biometrics initiative. Voice as an interface has grown over the past 5 years. Specifically, the adoption of voice trigger has accelerated; however, reliable authentication continues to pose a serious issue. Although we are in the early innings of voice biometrics business, we believe CRUS is well-positioned to solve user authentication through a combination of software and custom silicon to meet the various needs of its smartphone OEM customers.””
Other equities analysts have also issued research reports about the company. BidaskClub raised Cirrus Logic from a “sell” rating to a “hold” rating in a research note on Saturday, July 28th. Cowen increased their target price on Cirrus Logic from $40.00 to $44.00 and gave the stock a “market perform” rating in a research note on Thursday, August 2nd. Craig Hallum increased their target price on Cirrus Logic from $43.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. ValuEngine lowered Cirrus Logic from a “sell” rating to a “strong sell” rating in a research note on Friday, August 3rd. Finally, Susquehanna Bancshares increased their target price on Cirrus Logic from $45.00 to $59.00 and gave the stock a “positive” rating in a research note on Thursday, August 2nd. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. Cirrus Logic currently has an average rating of “Hold” and an average target price of $47.68.
Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Thursday, November 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.34. Cirrus Logic had a return on equity of 15.55% and a net margin of 7.09%. The firm had revenue of $366.30 million for the quarter, compared to analyst estimates of $330.27 million. During the same quarter in the prior year, the company earned $1.36 EPS. Cirrus Logic’s revenue was down 13.9% on a year-over-year basis. Analysts forecast that Cirrus Logic will post 2.44 earnings per share for the current year.
In other Cirrus Logic news, Director Timothy R. Dehne sold 4,171 shares of the company’s stock in a transaction dated Sunday, August 26th. The stock was sold at an average price of $44.99, for a total transaction of $187,653.29. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.32% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CRUS. Royal Bank of Canada increased its position in Cirrus Logic by 24.4% during the 1st quarter. Royal Bank of Canada now owns 55,287 shares of the semiconductor company’s stock worth $2,246,000 after purchasing an additional 10,852 shares in the last quarter. Principal Financial Group Inc. increased its position in Cirrus Logic by 1.7% during the 1st quarter. Principal Financial Group Inc. now owns 278,633 shares of the semiconductor company’s stock worth $11,321,000 after purchasing an additional 4,572 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in Cirrus Logic during the 2nd quarter worth approximately $216,000. Aurora Investment Counsel increased its position in Cirrus Logic by 2.4% during the 2nd quarter. Aurora Investment Counsel now owns 53,598 shares of the semiconductor company’s stock worth $2,054,000 after purchasing an additional 1,270 shares in the last quarter. Finally, Alps Advisors Inc. acquired a new position in Cirrus Logic during the 2nd quarter worth approximately $428,000. Institutional investors own 90.45% of the company’s stock.
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.
Read More: Reverse Stock Split
Receive News & Ratings for Cirrus Logic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic and related companies with MarketBeat.com's FREE daily email newsletter.