Cirrus Logic (NASDAQ:CRUS) Stock Rating Lowered by Wall Street Zen

Cirrus Logic (NASDAQ:CRUS) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday, Wall Street Zen reports.

Several other research firms have also weighed in on CRUS. Weiss Ratings lowered Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 2nd. Barclays cut their price target on 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. Zacks Research lowered shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. KeyCorp lowered shares of Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research report on Thursday. Finally, Stifel Nicolaus lowered their price objective on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $150.71.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS opened at $108.60 on Friday. The firm has a market capitalization of $5.44 billion, a price-to-earnings ratio of 13.29 and a beta of 1.17. The business’s 50 day simple moving average is $115.43 and its 200-day simple moving average is $141.30. Cirrus Logic has a 12 month low of $105.10 and a 12 month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.03. The business 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 company’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.51 EPS. On average, equities analysts anticipate that Cirrus Logic will post 7.20 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction dated 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 sale, the executive vice president owned 12,907 shares in the company, valued at approximately $1,535,933. This trade represents a 8.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CRUS. Cordatus Wealth Management LLC acquired a new position in shares of Cirrus Logic during the 3rd quarter valued at $342,000. Novem Group boosted its position in Cirrus Logic by 8.9% during the 3rd quarter. Novem Group now owns 6,766 shares of the semiconductor company’s stock worth $812,000 after purchasing an additional 553 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in Cirrus Logic during the 3rd quarter worth $529,000. Pension & Wealth Management Advisors Inc. acquired a new stake in Cirrus Logic in the 3rd quarter valued at $170,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of Cirrus Logic during the third quarter worth about $30,000. Hedge funds and other 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.