Cirrus Logic (NASDAQ:CRUS) Downgraded to “Equal Weight” at Barclays

Barclays cut shares of Cirrus Logic (NASDAQ:CRUS) from an overweight rating to an equal weight rating in a report published on Thursday, Marketbeat Ratings reports. Barclays currently has $120.00 target price on the semiconductor company’s stock, down from their prior target price of $140.00.

A number of other equities research analysts also recently issued reports on the company. Stifel Nicolaus boosted their price target 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 shares of Cirrus Logic from a strong-buy rating to a buy rating in a research report on Wednesday, October 9th. Susquehanna lifted their price target on shares of Cirrus Logic from $120.00 to $175.00 and gave the company a positive rating in a research report on Wednesday, July 17th. Finally, KeyCorp increased their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an overweight rating in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $140.00.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $119.71 on Thursday. The firm’s 50-day simple moving average is $130.43 and its 200-day simple moving average is $118.72. Cirrus Logic has a 1-year low of $65.02 and a 1-year high of $147.46. The firm has a market cap of $6.39 billion, a P/E ratio of 22.13 and a beta of 0.96.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.50. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The company had revenue of $374.03 million for the quarter, compared to the consensus estimate of $318.41 million. During the same quarter last year, the firm posted $0.35 earnings per share. Cirrus Logic’s revenue was up 18.0% on a year-over-year basis. Analysts expect that Cirrus Logic will post 5.26 earnings per share for the current fiscal year.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction on Friday, August 9th. The shares were 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 SEC, which is available through the SEC website. In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the sale, the vice president now directly owns 4,004 shares in the company, valued at $544,704.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Justin E. Dougherty sold 10,203 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were 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 of the company’s stock, valued at approximately $637,212.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Profund Advisors LLC increased its position in shares of Cirrus Logic by 2.0% in the 2nd quarter. Profund Advisors LLC now owns 5,271 shares of the semiconductor company’s stock worth $673,000 after purchasing an additional 103 shares during the last quarter. Arkadios Wealth Advisors raised its stake in Cirrus Logic by 2.8% during the second quarter. Arkadios Wealth Advisors now owns 4,413 shares of the semiconductor company’s stock valued at $563,000 after buying an additional 119 shares in the last quarter. Oak Associates Ltd. OH lifted its holdings in Cirrus Logic by 0.4% during the 2nd quarter. Oak Associates Ltd. OH now owns 34,176 shares of the semiconductor company’s stock worth $4,363,000 after buying an additional 134 shares during the last quarter. Holderness Investments Co. lifted its holdings in Cirrus Logic by 0.3% during the 2nd quarter. Holderness Investments Co. now owns 47,366 shares of the semiconductor company’s stock worth $6,047,000 after buying an additional 155 shares during the last quarter. Finally, Signaturefd LLC grew its position in shares of Cirrus Logic by 19.5% in the 2nd quarter. Signaturefd LLC now owns 999 shares of the semiconductor company’s stock worth $128,000 after acquiring an additional 163 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Company Profile

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.