Cirrus Logic (NASDAQ:CRUS) Rating Lowered to Equal Weight at Barclays

Cirrus Logic (NASDAQ:CRUS) was downgraded by analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research note issued on Thursday, Marketbeat Ratings reports. They presently have a $120.00 price objective on the semiconductor company’s stock, down from their prior price objective of $140.00. Barclays‘s price objective points to a potential upside of 0.24% from the company’s previous close.

A number of other brokerages have also commented on CRUS. Stifel Nicolaus boosted their target price on Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. StockNews.com downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. KeyCorp lifted their price target on Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, Susquehanna lifted their price target on Cirrus Logic from $120.00 to $175.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $140.00.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock opened at $119.71 on Thursday. Cirrus Logic has a one year low of $65.02 and a one year high of $147.46. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of 22.13 and a beta of 0.96. The business has a 50-day simple moving average of $130.43 and a 200 day simple moving average of $118.33.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.50. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The business had revenue of $374.03 million during the quarter, compared to analyst estimates of $318.41 million. During the same period in the previous year, the company posted $0.35 EPS. The firm’s revenue was up 18.0% compared to the same quarter last year. On average, sell-side analysts expect that Cirrus Logic will post 5.26 EPS for the current year.

Insider Transactions at Cirrus Logic

In other news, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the transaction, the senior vice president now owns 4,838 shares in the company, valued at $637,212.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the transaction, the senior vice president now owns 4,838 shares in the company, valued at $637,212.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Andrew Brannan sold 4,350 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the completion of the transaction, the vice president now owns 4,004 shares in the company, valued at $544,704.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

Several institutional investors have recently bought and sold shares of CRUS. Atlas Capital Advisors LLC raised its holdings in Cirrus Logic by 103.0% during the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 204 shares during the period. Versant Capital Management Inc increased its holdings in shares of Cirrus Logic by 1,911.1% in the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock worth $46,000 after purchasing an additional 344 shares during the period. GAMMA Investing LLC increased its holdings in shares of Cirrus Logic by 79.5% in the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock worth $61,000 after purchasing an additional 210 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Cirrus Logic in the second quarter worth $77,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cirrus Logic by 52.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company’s stock worth $123,000 after purchasing an additional 329 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

About Cirrus Logic

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.