Cirrus Logic (CRUS) Shares Gap Down to $35.63
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.
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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