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

Wall Street Zen lowered shares of Cirrus Logic (NASDAQ:CRUS - Free Report) from a strong-buy rating to a buy rating in a research report report published on Thursday morning.

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

Cirrus Logic Trading Down 1.0%

Shares of CRUS traded down $0.96 during midday trading on Thursday, hitting $100.05. The stock had a trading volume of 376,685 shares, compared to its average volume of 637,264. Cirrus Logic has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The business has a 50-day simple moving average of $95.13 and a two-hundred day simple moving average of $100.51. The firm has a market cap of $5.16 billion, a P/E ratio of 18.16 and a beta of 0.93.

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

Cirrus Logic declared that its Board of Directors has authorized a stock 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 buy up to 9.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are 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 shares were sold at an average price of $105.62, for a total transaction of $105,620.00. Following the transaction, the director now 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 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, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, June 3rd. The shares were 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 directly owns 41,645 shares in the company, valued at approximately $4,164,500. This represents a 4.58% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,000 shares of company stock valued at $1,305,620. 1.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cirrus Logic

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arizona State Retirement System boosted its stake in shares of Cirrus Logic by 0.7% in the 4th quarter. Arizona State Retirement System now owns 15,492 shares of the semiconductor company's stock valued at $1,543,000 after purchasing an additional 101 shares in the last quarter. May Hill Capital LLC boosted its stake in shares of Cirrus Logic by 5.4% in the 1st quarter. May Hill Capital LLC now owns 2,220 shares of the semiconductor company's stock valued at $221,000 after purchasing an additional 113 shares in the last quarter. Beverly Hills Private Wealth LLC boosted its stake in shares of Cirrus Logic by 3.7% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 3,440 shares of the semiconductor company's stock valued at $343,000 after purchasing an additional 124 shares in the last quarter. Truvestments Capital LLC boosted its stake in shares of Cirrus Logic by 3.5% in the 4th quarter. Truvestments Capital LLC now owns 3,981 shares of the semiconductor company's stock valued at $396,000 after purchasing an additional 133 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC boosted its stake in shares of Cirrus Logic by 4.2% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 3,769 shares of the semiconductor company's stock valued at $376,000 after purchasing an additional 151 shares in the last quarter. 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.