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

Key Points

• Wall Street Zen downgraded Cirrus Logic from “Buy” to “Hold.” Despite the change, the broader analyst consensus remains “Moderate Buy,” with five Buy ratings, four Holds, and an average target price of $150.71.
• Cirrus Logic reported quarterly EPS of $1.84, beating estimates of $1.81, while revenue rose 12.9% year over year to $459.72 million, narrowly missing expectations.
• The stock opened at $124.92, well below its 50-day and 200-day moving averages of roughly $149. Insiders sold 18,465 shares worth $2.89 million during the latest quarter, while institutional investors own nearly 88% of the company.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

Several other analysts also recently weighed in on CRUS. Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Jefferies Financial Group raised shares of Cirrus Logic to a "buy" rating in a research report on Thursday, June 4th. Zacks Research downgraded shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Stifel Nicolaus dropped their price objective on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a report on Thursday. Finally, KeyCorp cut their target price on Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating on the stock in a research report on Thursday. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $150.71.

Cirrus Logic Price Performance

CRUS opened at $124.92 on Friday. The business has a fifty day moving average price of $148.68 and a 200 day moving average price of $148.99. Cirrus Logic has a 12 month low of $99.78 and a 12 month high of $180.42. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of 15.29 and a beta of 1.18.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The firm had revenue of $459.72 million for the quarter, compared to analysts' expectations of $460.32 million. During the same quarter last year, the company earned $1.51 earnings per share. The firm's revenue was up 12.9% compared to the same quarter last year. On average, research analysts anticipate that Cirrus Logic will post 7.86 earnings per share for the current year.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 3,907 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total value of $658,485.78. Following the completion of the transaction, the executive vice president directly owned 17,575 shares of the company's stock, valued at approximately $2,962,090.50. This trade represents a 18.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction on Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the transaction, the executive vice president directly owned 7,203 shares of the company's stock, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their ownership of the stock. 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 quarter, insiders sold 18,465 shares of company stock valued at $2,891,169. Insiders own 1.20% of the company's stock.

Institutional Investors Weigh In On Cirrus Logic

A number of large investors have recently bought and sold shares of CRUS. Mach 1 Financial Group LLC acquired a new position in shares of Cirrus Logic during the fourth quarter valued at $736,000. LSV Asset Management increased its holdings in shares of Cirrus Logic by 1.0% in the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company's stock worth $279,215,000 after acquiring an additional 23,703 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Cirrus Logic by 9.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company's stock worth $15,391,000 after acquiring an additional 11,607 shares during the period. Lecap Asset Management Ltd. bought a new stake in Cirrus Logic in the 4th quarter valued at about $888,000. Finally, Arbejdsmarkedets Tillaegspension bought a new stake in Cirrus Logic in the 4th quarter valued at about $21,988,000. Institutional investors and hedge funds own 87.96% of the company's stock.

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.

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