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

Wall Street Zen cut shares of Cirrus Logic (NASDAQ:CRUS) from a buy rating to a hold rating in a report published on Saturday.

CRUS has been the topic of several other reports. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Stifel Nicolaus decreased their target price on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. KeyCorp dropped their price target on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Finally, Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $150.71.

Cirrus Logic Trading Down 2.5%

CRUS stock opened at $121.84 on Friday. The stock’s 50 day simple moving average is $147.76 and its 200 day simple moving average is $149.15. Cirrus Logic has a 12-month low of $104.07 and a 12-month high of $180.42. The stock has a market capitalization of $6.11 billion, a PE ratio of 14.91 and a beta of 1.18.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The business had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. During the same quarter last year, the company earned $1.51 EPS. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, research analysts predict that Cirrus Logic will post 7.86 earnings per share for the current year.

Insider Activity

In related news, EVP Justin E. Dougherty sold 2,000 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the sale, the executive vice president owned 4,537 shares in the company, valued at approximately $755,410.50. This represents a 30.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Scott Thomas sold 1,300 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total value of $234,052.00. Following the sale, the executive vice president owned 31,048 shares of the company’s stock, valued at approximately $5,589,881.92. This trade represents a 4.02% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 18,465 shares of company stock worth $2,891,169. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

Large investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd lifted its stake in shares of Cirrus Logic by 7,333.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 220 shares during the period. Geneos Wealth Management Inc. grew its position in Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 120 shares during the period. Kohmann Bosshard Financial Services LLC bought a new stake in Cirrus Logic during the fourth quarter valued at approximately $33,000. Torren Management LLC purchased a new stake in Cirrus Logic during the fourth quarter valued at approximately $35,000. Finally, Kestra Advisory Services LLC purchased a new stake in Cirrus Logic during the fourth quarter valued at approximately $36,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Company Profile

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.