Cirrus Logic (NASDAQ:CRUS) Shares Gap Down on Analyst Downgrade

Cirrus Logic, Inc. (NASDAQ:CRUS) gapped down before the market opened on Tuesday after Barclays lowered their price target on the stock from $120.00 to $105.00. The stock had previously closed at $110.63, but opened at $100.49. Barclays currently has an equal weight rating on the stock. Cirrus Logic shares last traded at $104.02, with a volume of 295,067 shares trading hands.

CRUS has been the subject of several other reports. KeyCorp raised their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Stifel Nicolaus raised their price target on Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, July 18th. StockNews.com lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 9th. Finally, Susquehanna cut their target price on shares of Cirrus Logic from $160.00 to $135.00 and set a “positive” rating for the company in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $137.00.

Insiders Place Their Bets

In related 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 completion of the sale, the senior vice president now directly owns 4,838 shares in the company, valued at approximately $637,212.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction 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 transaction, the vice president now owns 4,004 shares in the company, valued at approximately $544,704.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the sale, the senior vice president now directly owns 4,838 shares in the company, valued at $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 business. Vanguard Group Inc. raised its stake in shares of Cirrus Logic by 2.1% during the first quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock valued at $588,977,000 after acquiring an additional 128,393 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in shares of Cirrus Logic by 13.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 48,030 shares of the semiconductor company’s stock worth $4,446,000 after buying an additional 5,645 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cirrus Logic by 52.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company’s stock valued at $123,000 after acquiring an additional 329 shares in the last quarter. Susquehanna Fundamental Investments LLC increased its stake in shares of Cirrus Logic by 741.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 27,754 shares of the semiconductor company’s stock valued at $3,543,000 after acquiring an additional 24,454 shares in the last quarter. Finally, Sei Investments Co. lifted its position in shares of Cirrus Logic by 6.6% during the 1st quarter. Sei Investments Co. now owns 696,895 shares of the semiconductor company’s stock valued at $64,505,000 after acquiring an additional 42,897 shares during the period. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Down 5.4 %

The firm has a market capitalization of $5.59 billion, a P/E ratio of 19.23 and a beta of 0.96. The company’s 50 day moving average is $125.69 and its 200-day moving average is $122.09.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Monday, November 4th. The semiconductor company reported $2.25 EPS for the quarter, beating the consensus estimate of $2.02 by $0.23. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The company had revenue of $541.90 million during the quarter, compared to the consensus estimate of $520.53 million. During the same period last year, the business posted $1.43 EPS. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, analysts predict that Cirrus Logic, Inc. will post 5.37 EPS for the current fiscal year.

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.