Cirrus Logic (NASDAQ:CRUS – Get Rating) was downgraded by investment analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Friday.
A number of other analysts have also recently issued reports on CRUS. Bank of America decreased their target price on Cirrus Logic from $85.00 to $80.00 and set an "underperform" rating for the company in a report on Wednesday, June 29th. Cowen boosted their target price on Cirrus Logic to $100.00 in a report on Tuesday, August 9th. Cowen upped their price target on Cirrus Logic from $90.00 to $100.00 in a report on Wednesday, August 3rd. Susquehanna Bancshares decreased their price target on Cirrus Logic to $110.00 in a report on Monday, July 25th. Finally, Needham & Company LLC upped their price target on Cirrus Logic from $85.00 to $97.00 and gave the stock a "buy" rating in a report on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $102.60.
Get Cirrus Logic alerts:Cirrus Logic Stock Performance
Shares of NASDAQ:CRUS opened at $75.52 on Friday. Cirrus Logic has a 1 year low of $67.03 and a 1 year high of $95.84. The stock has a market capitalization of $4.22 billion, a P/E ratio of 12.76, a PEG ratio of 6.02 and a beta of 0.99. The stock has a 50-day simple moving average of $80.46 and a 200-day simple moving average of $78.82.
Cirrus Logic declared that its board has approved a stock buyback plan on Tuesday, August 2nd that allows the company to buyback $500.00 million in shares. This buyback authorization allows the semiconductor company to repurchase up to 10.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.Insider Activity
In other news, VP Carl Jackson Alberty sold 1,823 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was 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 in the company, valued at approximately $2,913,155.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, VP Carl Jackson Alberty sold 1,823 shares of the company's stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $88.24, for a total transaction of $160,861.52. Following the sale, 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 filing with the SEC, which is accessible through this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of the company's 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 $1,599,467.50. The disclosure for this sale can be found here. Company insiders own 0.89% of the company's stock.
Institutional Investors Weigh In On Cirrus Logic
Several institutional investors and hedge funds have recently made changes to their positions in CRUS. Retirement Systems of Alabama increased its position in Cirrus Logic by 0.5% in the first quarter. Retirement Systems of Alabama now owns 75,161 shares of the semiconductor company's stock worth $6,373,000 after buying an additional 343 shares during the period. Edmond DE Rothschild Holding S.A. increased its position in Cirrus Logic by 81.9% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 862 shares of the semiconductor company's stock worth $73,000 after buying an additional 388 shares during the period. JPMorgan Chase & Co. increased its position in Cirrus Logic by 18.6% in the fourth quarter. JPMorgan Chase & Co. now owns 207,200 shares of the semiconductor company's stock worth $19,066,000 after buying an additional 32,519 shares during the period. Mutual of America Capital Management LLC increased its position in Cirrus Logic by 2.2% in the first quarter. Mutual of America Capital Management LLC now owns 52,237 shares of the semiconductor company's stock worth $4,429,000 after buying an additional 1,126 shares during the period. Finally, Strs Ohio acquired a new stake in Cirrus Logic in the first quarter worth $1,909,000. 88.12% of the stock is owned by institutional investors and hedge funds.
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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