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

Cirrus Logic (NASDAQ:CRUS) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

Other equities research analysts have also issued reports about the stock. Barclays raised their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $128.33.

Cirrus Logic Trading Up 0.9%

CRUS stock opened at $101.17 on Friday. The company has a market cap of $5.19 billion, a P/E ratio of 16.83 and a beta of 0.95. Cirrus Logic has a 52 week low of $75.83 and a 52 week high of $147.46. The company’s 50-day moving average price is $103.75 and its 200 day moving average price is $100.81.

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 the consensus estimate of $1.15 by $0.52. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The business had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. During the same quarter in the prior year, the firm posted $1.24 earnings per share. The company’s quarterly revenue was up 14.2% compared to the same quarter last year. On average, equities research analysts expect that Cirrus Logic will post 5.63 earnings per share for the current year.

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

Insider Buying and Selling at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the executive vice president directly owned 14,001 shares of the company’s stock, valued at approximately $1,400,100. This represents a 41.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was 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 of the company’s stock, 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. In the last three months, insiders have sold 13,000 shares of company stock worth $1,305,620. Company insiders own 1.16% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

Several hedge funds have recently added to or reduced their stakes in CRUS. Commonwealth Equity Services LLC raised its stake in Cirrus Logic by 62.9% in the fourth quarter. Commonwealth Equity Services LLC now owns 3,543 shares of the semiconductor company’s stock valued at $353,000 after purchasing an additional 1,368 shares in the last quarter. American Century Companies Inc. raised its stake in Cirrus Logic by 25.0% in the fourth quarter. American Century Companies Inc. now owns 80,969 shares of the semiconductor company’s stock valued at $8,063,000 after purchasing an additional 16,215 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its stake in Cirrus Logic by 44.7% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 23,199 shares of the semiconductor company’s stock valued at $2,310,000 after purchasing an additional 7,165 shares in the last quarter. JPMorgan Chase & Co. grew its position in Cirrus Logic by 21.5% in the fourth 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 during the last quarter. Finally, Norges Bank bought a new position in Cirrus Logic in the fourth quarter valued at about $58,723,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

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.