Cirrus Logic (NASDAQ:CRUS – Get Rating) was downgraded by research analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a report released on Monday.
Several other research analysts have also recently commented on the company. Susquehanna Bancshares cut their price target on Cirrus Logic to $110.00 in a research note on Monday, July 25th. Cowen increased their target price on Cirrus Logic to $100.00 in a research note on Tuesday, August 9th. Barclays dropped their price target on shares of Cirrus Logic from $120.00 to $105.00 and set an "overweight" rating for the company in a research note on Monday, July 25th. Cowen increased their price objective on shares of Cirrus Logic from $90.00 to $100.00 in a research note on Wednesday, August 3rd. Finally, Bank of America dropped their target price on shares of Cirrus Logic from $85.00 to $80.00 and set an "underperform" rating for the company in a research report on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $102.60.
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Cirrus Logic Trading Up 2.5 %
CRUS stock traded up $1.90 during trading on Monday, reaching $77.33. The stock had a trading volume of 526,915 shares, compared to its average volume of 457,819. The firm has a fifty day moving average price of $79.81 and a 200 day moving average price of $79.37. The company has a market capitalization of $4.33 billion, a P/E ratio of 13.06, a PEG ratio of 5.90 and a beta of 0.99. Cirrus Logic has a 1-year low of $67.03 and a 1-year high of $95.84.
Cirrus Logic declared that its board has approved a stock buyback plan on Tuesday, August 2nd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 10.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.
Insider Activity
In other Cirrus Logic news, VP Carl Jackson Alberty sold 1,823 shares of the firm's stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $88.24, for a total value of $160,861.52. Following the sale, the vice president now directly owns 33,014 shares in the company, valued at $2,913,155.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cirrus Logic news, VP Carl Jackson Alberty sold 1,823 shares of the business's stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $88.24, for a total transaction of $160,861.52. Following the completion of the transaction, the vice president now directly owns 33,014 shares of the company's stock, valued at approximately $2,913,155.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $84.74, for a total value of $84,740.00. Following the sale, the director now directly owns 18,875 shares in the company, valued at approximately $1,599,467.50. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company's stock.
Institutional Investors Weigh In On Cirrus Logic
Hedge funds and other institutional investors have recently modified their holdings of the stock. Inspire Investing LLC increased its stake in Cirrus Logic by 3.9% during the 2nd quarter. Inspire Investing LLC now owns 3,496 shares of the semiconductor company's stock valued at $254,000 after buying an additional 132 shares during the period. Signaturefd LLC raised its holdings in Cirrus Logic by 17.2% during the first quarter. Signaturefd LLC now owns 941 shares of the semiconductor company's stock worth $80,000 after purchasing an additional 138 shares in the last quarter. Cornercap Investment Counsel Inc. lifted its position in Cirrus Logic by 1.1% in the first quarter. Cornercap Investment Counsel Inc. now owns 14,129 shares of the semiconductor company's stock worth $1,198,000 after purchasing an additional 150 shares during the period. Parallel Advisors LLC boosted its stake in Cirrus Logic by 50.0% during the 2nd quarter. Parallel Advisors LLC now owns 459 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 153 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Cirrus Logic by 1.3% during the 1st quarter. Quantinno Capital Management LP now owns 12,082 shares of the semiconductor company's stock valued at $1,024,000 after purchasing an additional 154 shares during the period. 88.12% of the stock is currently owned by institutional investors.
Cirrus Logic Company Profile
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Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including 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 digital signal processer; boosted amplifiers; 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, hearing augmentation, and active noise cancellation.
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