Cirrus Logic (NASDAQ:CRUS) Downgraded to Buy Rating by Wall Street Zen

Wall Street Zen lowered shares of Cirrus Logic (NASDAQ:CRUS) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday.

CRUS has been the topic of a number of other reports. Barclays raised their price objective on Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Cirrus Logic presently has an average rating of “Moderate Buy” and a consensus target price of $128.33.

Cirrus Logic Trading Up 0.9%

Shares of NASDAQ:CRUS opened at $101.17 on Friday. The stock’s 50-day moving average price is $103.75 and its 200-day moving average price is $100.78. Cirrus Logic has a 12-month low of $75.83 and a 12-month high of $147.46. The stock has a market capitalization of $5.19 billion, a P/E ratio of 16.83 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.52. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The firm had revenue of $424.46 million for the quarter, compared to analysts’ expectations of $380.26 million. During the same period last year, the firm earned $1.24 earnings per share. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, research analysts predict that Cirrus Logic will post 5.63 EPS for the current year.

Cirrus Logic declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 6th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the semiconductor company to buy up to 9.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total transaction of $105,620.00. Following the completion of the transaction, the director owned 20,907 shares in the company, valued at $2,208,197.34. This represents a 4.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the sale, the executive vice president directly owned 41,645 shares in the company, valued at approximately $4,164,500. The trade was a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,000 shares of company stock worth $1,305,620 over the last quarter. 1.16% of the stock is owned by corporate insiders.

Institutional Trading of Cirrus Logic

Several large investors have recently bought and sold shares of CRUS. Commonwealth Equity Services LLC boosted its position in Cirrus Logic by 62.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 3,543 shares of the semiconductor company’s stock valued at $353,000 after acquiring an additional 1,368 shares in the last quarter. American Century Companies Inc. boosted its position in Cirrus Logic by 25.0% during the 4th quarter. American Century Companies Inc. now owns 80,969 shares of the semiconductor company’s stock valued at $8,063,000 after acquiring an additional 16,215 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in Cirrus Logic by 44.7% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 23,199 shares of the semiconductor company’s stock valued at $2,310,000 after acquiring an additional 7,165 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Cirrus Logic by 21.5% during the 4th quarter. JPMorgan Chase & Co. now owns 360,188 shares of the semiconductor company’s stock valued at $35,868,000 after acquiring an additional 63,831 shares in the last quarter. Finally, Norges Bank bought a new stake in Cirrus Logic during the 4th quarter valued at approximately $58,723,000. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Company Profile

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 amplifiers; 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 integrated digital signal processing; 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 for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.