Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) gapped down prior to trading on Tuesday . The stock had previously closed at $34.04, but opened at $35.63. Cirrus Logic shares last traded at $38.25, with a volume of 94784 shares traded.

Several analysts have issued reports on CRUS shares. BidaskClub downgraded shares of Cirrus Logic from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 4th. ValuEngine lowered shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Wednesday, September 12th. Craig Hallum reaffirmed a “buy” rating and set a $47.00 target price (down from $51.00) on shares of Cirrus Logic in a research report on Friday, November 2nd. Bank of America raised their target price on shares of Cirrus Logic from $28.00 to $33.00 and gave the stock an “underperform” rating in a research report on Thursday, August 2nd. Finally, TheStreet raised shares of Cirrus Logic from a “c+” rating to a “b-” rating in a research report on Thursday, November 8th. Five research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $47.88.

The stock has a market capitalization of $2.48 billion, a P/E ratio of 10.09, a P/E/G ratio of 1.13 and a beta of 0.45.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Thursday, November 1st. The semiconductor company reported $1.08 EPS for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.34. The business had revenue of $366.30 million for the quarter, compared to analyst estimates of $330.27 million. Cirrus Logic had a net margin of 7.09% and a return on equity of 15.55%. The company’s quarterly revenue was down 13.9% compared to the same quarter last year. During the same period last year, the company posted $1.36 earnings per share. On average, analysts forecast that Cirrus Logic, Inc. will post 2.44 EPS for the current fiscal year.

In other news, Director Timothy R. Dehne sold 4,171 shares of the firm’s stock in a transaction that occurred on Sunday, August 26th. The shares were sold at an average price of $44.99, for a total transaction of $187,653.29. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.32% of the company’s stock.

A number of hedge funds have recently modified their holdings of CRUS. Partner Fund Management L.P. purchased a new position in Cirrus Logic during the second quarter valued at approximately $28,998,000. JPMorgan Chase & Co. grew its holdings in Cirrus Logic by 98.1% in the third quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after purchasing an additional 657,662 shares during the last quarter. BlackRock Inc. grew its holdings in Cirrus Logic by 7.8% in the second quarter. BlackRock Inc. now owns 8,486,370 shares of the semiconductor company’s stock worth $325,283,000 after purchasing an additional 610,960 shares during the last quarter. Franklin Resources Inc. purchased a new position in Cirrus Logic in the third quarter worth $20,366,000. Finally, Prudential Financial Inc. grew its holdings in Cirrus Logic by 354.3% in the third quarter. Prudential Financial Inc. now owns 388,916 shares of the semiconductor company’s stock worth $15,012,000 after purchasing an additional 303,317 shares during the last quarter. 90.75% of the stock is currently owned by institutional investors.

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About Cirrus Logic (NASDAQ:CRUS)

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

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