Cirrus Logic (NASDAQ:CRUS) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Cirrus Logic (NASDAQ:CRUS) from a buy rating to a hold rating in a research report report published on Sunday morning,Wall Street Zen reports.

Several other brokerages have also issued reports on CRUS. Barclays decreased their price target on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a research note on Thursday, August 6th. Weiss Ratings lowered shares of Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 2nd. KeyCorp lowered shares of Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 15th. Stifel Nicolaus cut their price objective on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Finally, Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $150.71.

Cirrus Logic Stock Up 2.0%

NASDAQ CRUS opened at $110.81 on Friday. Cirrus Logic has a twelve month low of $105.10 and a twelve month high of $180.42. The firm has a market capitalization of $5.55 billion, a PE ratio of 13.56 and a beta of 1.17. The stock’s 50 day moving average is $115.20 and its 200 day moving average is $141.05.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.03. The company had revenue of $459.72 million for the quarter, compared to analysts’ expectations of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.51 earnings per share. On average, research analysts anticipate that Cirrus Logic will post 7.20 earnings per share for the current year.

Insider Activity at Cirrus Logic

In other news, EVP Jeffrey Baumgartner sold 1,166 shares of the firm’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $119.00, for a total transaction of $138,754.00. Following the completion of the transaction, the executive vice president directly owned 12,907 shares in the company, valued at $1,535,933. This trade represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

Several institutional investors and hedge funds have recently made changes to their positions in CRUS. BlackRock Inc. bought a new position in shares of Cirrus Logic during the 2nd quarter valued at approximately $840,638,000. Bank of America Corp DE purchased a new stake in Cirrus Logic in the 2nd quarter worth $168,329,000. Caisse de depot et placement du Quebec bought a new stake in Cirrus Logic during the second quarter valued at about $61,500,000. Bank of New York Mellon Corp bought a new stake in Cirrus Logic during the second quarter valued at about $55,562,000. Finally, Empowered Funds LLC raised its holdings in Cirrus Logic by 5,275.0% during the first quarter. Empowered Funds LLC now owns 211,454 shares of the semiconductor company’s stock valued at $30,580,000 after acquiring an additional 207,520 shares during the period. Institutional investors own 87.96% of the company’s stock.

About Cirrus Logic

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.