Cirrus Logic (NASDAQ:CRUS) Cut to "Equal Weight" at Barclays

Barclays downgraded shares of Cirrus Logic (NASDAQ:CRUS - Free Report) from an overweight rating to an equal weight rating in a research report report published on Thursday, Marketbeat Ratings reports. They currently have $120.00 price objective on the semiconductor company's stock, down from their prior price objective of $140.00.

CRUS has been the topic of a number of other reports. StockNews.com lowered Cirrus Logic from a strong-buy rating to a buy rating in a report on Wednesday. Stifel Nicolaus upped their price objective on Cirrus Logic from $110.00 to $165.00 and gave the company a buy rating in a report on Thursday, July 18th. Susquehanna upped their price objective on Cirrus Logic from $120.00 to $175.00 and gave the company a positive rating in a report on Wednesday, July 17th. Finally, KeyCorp upped their price objective on Cirrus Logic from $155.00 to $165.00 and gave the company an overweight rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $140.00.

Cirrus Logic Stock Down 1.3 %

Shares of CRUS stock traded down $1.52 during trading on Thursday, reaching $119.69. 797,927 shares of the company's stock were exchanged, compared to its average volume of 483,080. The stock has a market capitalization of $6.40 billion, a PE ratio of 24.28 and a beta of 0.96. Cirrus Logic has a twelve month low of $65.02 and a twelve month high of $147.46. The firm's fifty day moving average price is $130.34 and its 200-day moving average price is $118.12.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its 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. The business had revenue of $374.03 million for the quarter, compared to analyst estimates of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The firm's revenue was up 18.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.35 EPS. As a group, analysts anticipate that Cirrus Logic will post 5.26 EPS for the current fiscal year.

Insider Activity

In related news, VP Andrew Brannan sold 4,350 shares of the firm'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 transaction of $591,774.00. Following the completion of the sale, the vice president now owns 4,004 shares of the company's stock, valued at $544,704.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Andrew Brannan sold 4,350 shares of the firm'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 transaction of $591,774.00. Following the completion of the sale, the vice president now owns 4,004 shares of the company's stock, valued at $544,704.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Justin E. Dougherty sold 10,203 shares of the firm'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 sale, the senior vice president now directly owns 4,838 shares of the company's stock, valued at $637,212.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.02% of the company's stock.

Institutional Investors Weigh In On Cirrus Logic

A number of hedge funds have recently added to or reduced their stakes in CRUS. Pacer Advisors Inc. grew its stake in Cirrus Logic by 8,183.4% in the second quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company's stock valued at $84,935,000 after acquiring an additional 657,288 shares during the period. LSV Asset Management grew its stake in Cirrus Logic by 34.6% in the second quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company's stock valued at $241,340,000 after acquiring an additional 486,086 shares during the period. Acadian Asset Management LLC grew its stake in Cirrus Logic by 68.6% in the first quarter. Acadian Asset Management LLC now owns 460,681 shares of the semiconductor company's stock valued at $42,619,000 after acquiring an additional 187,438 shares during the period. DNB Asset Management AS acquired a new stake in Cirrus Logic in the second quarter valued at approximately $23,250,000. Finally, Vanguard Group Inc. grew its stake in Cirrus Logic by 2.1% in 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 period. Institutional investors and hedge funds 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.