Cirrus Logic (NASDAQ:CRUS) Lowered to Equal Weight at Barclays

Barclays lowered shares of Cirrus Logic (NASDAQ:CRUS) from an overweight rating to an equal weight rating in a report published on Thursday morning, Marketbeat.com reports. They currently have $120.00 price target on the semiconductor company’s stock, down from their prior price target of $140.00.

CRUS has been the topic of several other research reports. StockNews.com lowered Cirrus Logic from a strong-buy rating to a buy rating in a research note on Wednesday. Stifel Nicolaus boosted their price target on Cirrus Logic from $110.00 to $165.00 and gave the company a buy rating in a research note on Thursday, July 18th. KeyCorp boosted their price target on Cirrus Logic from $155.00 to $165.00 and gave the company an overweight rating in a research note on Wednesday, August 7th. Finally, Susquehanna boosted their price target on Cirrus Logic from $120.00 to $175.00 and gave the company a positive rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Cirrus Logic currently has a consensus rating of Moderate Buy and a consensus price target of $140.00.

Cirrus Logic Stock Down 1.4 %

Shares of NASDAQ CRUS opened at $118.00 on Thursday. The business’s 50 day moving average is $130.34 and its two-hundred day moving average is $118.12. The company has a market cap of $6.30 billion, a P/E ratio of 22.12 and a beta of 0.96. Cirrus Logic has a 12 month low of $65.02 and a 12 month high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.50. The business had revenue of $374.03 million for the quarter, compared to analysts’ expectations of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. Cirrus Logic’s quarterly revenue was up 18.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.35 earnings per share. Sell-side analysts expect that Cirrus Logic will post 5.26 earnings per share for the current fiscal year.

Insider Activity at Cirrus Logic

In related news, SVP Justin E. Dougherty sold 10,203 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the completion of the sale, the senior vice president now owns 4,838 shares in the company, valued at approximately $637,212.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the completion of the sale, the vice president now directly owns 4,004 shares in the company, valued at $544,704.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Justin E. Dougherty sold 10,203 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the completion of the sale, the senior vice president now owns 4,838 shares of the company’s stock, valued at $637,212.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cirrus Logic

Several large investors have recently modified their holdings of the business. Shaker Investments LLC OH bought a new position in shares of Cirrus Logic during the third quarter worth about $472,000. Burns Matteson Capital Management LLC bought a new position in shares of Cirrus Logic during the third quarter worth about $310,000. Ritholtz Wealth Management grew its holdings in shares of Cirrus Logic by 41.8% during the third quarter. Ritholtz Wealth Management now owns 3,772 shares of the semiconductor company’s stock worth $469,000 after buying an additional 1,112 shares in the last quarter. Simplicity Wealth LLC grew its holdings in shares of Cirrus Logic by 3.5% during the third quarter. Simplicity Wealth LLC now owns 7,597 shares of the semiconductor company’s stock worth $944,000 after buying an additional 260 shares in the last quarter. Finally, USA Financial Formulas grew its holdings in shares of Cirrus Logic by 146.2% during the third quarter. USA Financial Formulas now owns 3,972 shares of the semiconductor company’s stock worth $493,000 after buying an additional 2,359 shares in the last quarter. 87.96% of the stock is currently 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.