Cirrus Logic (NASDAQ:CRUS) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, ValuEngine reports.

A number of other equities research analysts also recently weighed in on the company. Bank of America upgraded Cirrus Logic from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $60.00 to $80.00 in a report on Tuesday, March 31st. BidaskClub upgraded Cirrus Logic from a “sell” rating to a “hold” rating in a report on Wednesday. Stifel Nicolaus lifted their target price on Cirrus Logic from $80.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Cowen upgraded Cirrus Logic from a “market perform” rating to an “outperform” rating in a report on Monday, March 16th. Finally, Susquehanna Bancshares boosted their price objective on Cirrus Logic from $82.00 to $84.00 in a report on Tuesday, May 5th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $78.11.

Shares of CRUS stock opened at $60.65 on Thursday. The company has a market cap of $3.54 billion, a P/E ratio of 22.89, a PEG ratio of 3.10 and a beta of 0.95. The stock has a 50 day simple moving average of $67.21 and a two-hundred day simple moving average of $72.01. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.17 and a current ratio of 4.10. Cirrus Logic has a fifty-two week low of $41.23 and a fifty-two week high of $91.63.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Monday, May 4th. The semiconductor company reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.18. The business had revenue of $279.29 million during the quarter, compared to the consensus estimate of $258.73 million. Cirrus Logic had a return on equity of 16.46% and a net margin of 12.45%. The firm’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.37 earnings per share. On average, research analysts predict that Cirrus Logic will post 2.3 earnings per share for the current year.

In related news, President John Forsyth sold 1,500 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $75.00, for a total transaction of $112,500.00. Following the completion of the sale, the president now owns 1,500 shares in the company, valued at $112,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jason P. Rhode sold 97,148 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $71.72, for a total value of $6,967,454.56. Following the sale, the chief executive officer now owns 308,444 shares of the company’s stock, valued at approximately $22,121,603.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,648 shares of company stock valued at $7,966,155. Corporate insiders own 1.83% of the company’s stock.

A number of institutional investors have recently made changes to their positions in CRUS. Norges Bank bought a new stake in Cirrus Logic during the fourth quarter worth $80,559,000. Lord Abbett & CO. LLC purchased a new position in Cirrus Logic in the fourth quarter worth $28,930,000. AXA boosted its position in Cirrus Logic by 237.9% in the fourth quarter. AXA now owns 293,600 shares of the semiconductor company’s stock worth $24,195,000 after purchasing an additional 206,700 shares during the last quarter. Sandler Capital Management boosted its position in Cirrus Logic by 164.1% in the first quarter. Sandler Capital Management now owns 232,450 shares of the semiconductor company’s stock worth $15,256,000 after purchasing an additional 144,450 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in Cirrus Logic by 22.5% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 669,574 shares of the semiconductor company’s stock worth $55,180,000 after purchasing an additional 123,060 shares during the last quarter. Institutional investors and hedge funds own 86.30% of the company’s stock.

Cirrus Logic Company Profile

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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Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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