Cirrus Logic (NASDAQ:CRUS) Rating Lowered to Sell at ValuEngine
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.
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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