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

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

Other analysts also recently issued research reports about the stock. Barclays raised their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Benchmark reaffirmed a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $128.33.

Cirrus Logic Trading Up 1.0%

NASDAQ:CRUS traded up $0.99 during mid-day trading on Thursday, hitting $101.04. 390,737 shares of the company's stock were exchanged, compared to its average volume of 637,837. The company has a 50 day simple moving average of $95.16 and a 200-day simple moving average of $100.50. Cirrus Logic has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The firm has a market capitalization of $5.21 billion, a P/E ratio of 18.34 and a beta of 0.93.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The firm had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. During the same quarter in the previous year, the company earned $1.24 EPS. The company's revenue for the quarter was up 14.2% on a year-over-year basis. As a group, analysts expect that Cirrus Logic will post 5.63 earnings per share for the current year.

Cirrus Logic announced that its board has initiated a stock repurchase program on Tuesday, May 6th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the semiconductor company to reacquire up to 9.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Activity at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the firm'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 sale, the director now directly owns 20,907 shares of the company's stock, valued at approximately $2,208,197.34. This trade represents a 4.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Carl Jackson Alberty sold 2,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the executive vice president now owns 41,645 shares of the company's stock, valued at $4,164,500. This represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,000 shares of company stock valued at $1,305,620. Corporate insiders own 1.02% of the company's stock.

Institutional Investors Weigh In On Cirrus Logic

A number of institutional investors have recently modified their holdings of the business. Castlekeep Investment Advisors LLC acquired a new position in Cirrus Logic during the fourth quarter worth $170,796,000. Allianz Asset Management GmbH lifted its stake in Cirrus Logic by 137.2% during the fourth quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company's stock worth $104,049,000 after purchasing an additional 604,431 shares in the last quarter. AQR Capital Management LLC lifted its stake in Cirrus Logic by 131.5% during the first quarter. AQR Capital Management LLC now owns 1,063,813 shares of the semiconductor company's stock worth $103,456,000 after purchasing an additional 604,337 shares in the last quarter. Norges Bank acquired a new stake in Cirrus Logic during the 4th quarter worth approximately $58,723,000. Finally, Ameriprise Financial Inc. raised its stake in shares of Cirrus Logic by 98.0% in the first quarter. Ameriprise Financial Inc. now owns 1,117,526 shares of the semiconductor company's stock valued at $111,380,000 after acquiring an additional 553,169 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

About Cirrus Logic

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.