Cirrus Logic (NASDAQ:CRUS) Lowered to “Hold” Rating by Zacks Research

Zacks Research lowered shares of Cirrus Logic (NASDAQ:CRUS) from a strong-buy rating to a hold rating in a research note published on Monday,Zacks.com reports.

Other equities analysts have also issued reports about the company. KeyCorp upped their target price on Cirrus Logic from $150.00 to $175.00 and gave the company an “overweight” rating in a report on Monday, April 6th. Barclays boosted their price objective on Cirrus Logic from $110.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 3rd. Stifel Nicolaus increased their target price on Cirrus Logic from $163.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Benchmark raised their target price on Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a report on Friday, March 27th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $152.14.

Cirrus Logic Stock Up 0.6%

Shares of NASDAQ:CRUS traded up $1.04 on Monday, reaching $163.55. 54,691 shares of the company’s stock were exchanged, compared to its average volume of 633,988. The firm has a market capitalization of $8.34 billion, a price-to-earnings ratio of 21.57 and a beta of 1.08. Cirrus Logic has a fifty-two week low of $91.32 and a fifty-two week high of $175.77. The business’s 50-day moving average is $147.77 and its two-hundred day moving average is $133.29.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.37 by $0.60. The business had revenue of $580.62 million during the quarter, compared to analyst estimates of $531.43 million. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The company’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the business posted $2.51 EPS. Analysts predict that Cirrus Logic will post 7.76 earnings per share for the current fiscal year.

Insider Activity

In other Cirrus Logic news, CEO John Forsyth sold 21,806 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $135.15, for a total value of $2,947,080.90. Following the sale, the chief executive officer directly owned 50,723 shares in the company, valued at approximately $6,855,213.45. The trade was a 30.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Justin E. Dougherty sold 3,000 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $143.16, for a total transaction of $429,480.00. Following the completion of the sale, the executive vice president directly owned 5,876 shares of the company’s stock, valued at $841,208.16. The trade was a 33.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 37,987 shares of company stock worth $5,427,114 over the last 90 days. 1.16% of the stock is currently owned by company insiders.

Institutional Trading of Cirrus Logic

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Diversified Trust Co boosted its holdings in Cirrus Logic by 0.9% during the third quarter. Diversified Trust Co now owns 8,974 shares of the semiconductor company’s stock worth $1,124,000 after buying an additional 78 shares in the last quarter. Parallel Advisors LLC grew its position in Cirrus Logic by 6.2% in the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock worth $162,000 after buying an additional 80 shares during the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Cirrus Logic by 29.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after buying an additional 88 shares in the last quarter. Kendall Capital Management lifted its position in shares of Cirrus Logic by 0.9% during the 4th quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company’s stock valued at $1,256,000 after acquiring an additional 90 shares during the last quarter. Finally, EP Wealth Advisors LLC lifted its position in shares of Cirrus Logic by 1.7% during the 2nd quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock valued at $598,000 after acquiring an additional 95 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.