StockNews.com Downgrades Cirrus Logic (NASDAQ:CRUS) to Buy

Cirrus Logic (NASDAQ:CRUS) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other equities research analysts also recently issued reports on CRUS. Stifel Nicolaus upped their price objective on Cirrus Logic from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. TD Cowen lifted their price objective on shares of Cirrus Logic from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. TheStreet raised shares of Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. Susquehanna lifted their price target on shares of Cirrus Logic from $85.00 to $100.00 and gave the stock a “positive” rating in a research note on Wednesday, February 7th. Finally, Barclays raised their price objective on shares of Cirrus Logic from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 16th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $96.43.

Cirrus Logic Price Performance

Shares of CRUS opened at $82.02 on Friday. The business’s 50 day simple moving average is $90.47 and its 200-day simple moving average is $81.62. Cirrus Logic has a 1 year low of $65.02 and a 1 year high of $95.87. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of 26.04 and a beta of 1.00.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $2.53 EPS for the quarter, beating the consensus estimate of $1.70 by $0.83. Cirrus Logic had a net margin of 9.84% and a return on equity of 16.13%. The business had revenue of $618.98 million during the quarter, compared to analyst estimates of $539.55 million. On average, sell-side analysts expect that Cirrus Logic will post 4.79 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Justin E. Dougherty sold 3,280 shares of Cirrus Logic stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $91.40, for a total transaction of $299,792.00. Following the completion of the sale, the senior vice president now owns 6,000 shares of the company’s stock, valued at $548,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Justin E. Dougherty sold 3,280 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total transaction of $299,792.00. Following the transaction, the senior vice president now owns 6,000 shares in the company, valued at $548,400. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Venkatesh Nathamuni sold 1,000 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $95.00, for a total transaction of $95,000.00. Following the completion of the sale, the chief financial officer now directly owns 1,587 shares of the company’s stock, valued at $150,765. The disclosure for this sale can be found here. Insiders have sold 7,530 shares of company stock worth $700,292 in the last three months. Corporate insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

A number of hedge funds have recently made changes to their positions in the stock. Covington Capital Management raised its holdings in Cirrus Logic by 100.0% in the third quarter. Covington Capital Management now owns 400 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 200 shares in the last quarter. Venturi Wealth Management LLC grew its position in shares of Cirrus Logic by 93.7% in the 4th quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock worth $31,000 after buying an additional 178 shares during the last quarter. Atlas Capital Advisors LLC raised its stake in shares of Cirrus Logic by 103.0% during the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 204 shares in the last quarter. Quadrant Capital Group LLC lifted its position in Cirrus Logic by 72.3% during the fourth quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock valued at $42,000 after acquiring an additional 214 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in Cirrus Logic by 71.1% in the third quarter. Nisa Investment Advisors LLC now owns 722 shares of the semiconductor company’s stock valued at $53,000 after acquiring an additional 300 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power, high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processing; boosted amplifiers; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation.