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

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report)'s share price gapped down prior to trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from $165.00 to $140.00. The stock had previously closed at $110.63, but opened at $100.49. Stifel Nicolaus currently has a buy rating on the stock. Cirrus Logic shares last traded at $104.02, with a volume of 295,067 shares trading hands.

A number of other equities analysts also recently commented on CRUS. StockNews.com downgraded shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Wednesday, October 9th. Susquehanna dropped their price objective on shares of Cirrus Logic from $160.00 to $135.00 and set a "positive" rating on the stock in a research note on Tuesday. KeyCorp raised their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, August 7th. Finally, Barclays lowered their target price on Cirrus Logic from $120.00 to $105.00 and set an "equal weight" rating for the company in a report on Tuesday. Two 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, the stock presently has an average rating of "Moderate Buy" and an average target price of $132.00.

Insiders Place Their Bets

In other news, VP Andrew Brannan sold 4,350 shares of the business'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 transaction, the vice president now directly owns 4,004 shares in the company, valued at approximately $544,704.16. 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 the SEC website. In other news, VP Andrew Brannan sold 4,350 shares of the firm's stock in a transaction 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 transaction, the vice president now directly owns 4,004 shares of the company's stock, valued at approximately $544,704.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Justin E. Dougherty sold 10,203 shares of the company's stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the completion of the sale, the senior vice president now directly owns 4,838 shares of the company's stock, valued at $637,212.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRUS. Nisa Investment Advisors LLC raised its holdings in Cirrus Logic by 98.4% during the third quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company's stock worth $30,000 after purchasing an additional 120 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Cirrus Logic in the 3rd quarter worth $31,000. Versant Capital Management Inc lifted its holdings in shares of Cirrus Logic by 1,911.1% in the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company's stock valued at $46,000 after buying an additional 344 shares during the period. GAMMA Investing LLC boosted its stake in Cirrus Logic by 79.5% during the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company's stock valued at $61,000 after buying an additional 210 shares in the last quarter. Finally, 1620 Investment Advisors Inc. acquired a new position in Cirrus Logic during the second quarter worth about $77,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Stock Down 7.1 %

The stock has a market capitalization of $5.49 billion, a P/E ratio of 19.42 and a beta of 0.96. The firm's 50-day simple moving average is $125.69 and its 200 day simple moving average is $122.09.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released 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. The business had revenue of $541.90 million during the quarter, compared to analyst estimates of $520.53 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The business's quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.43 earnings per share. As a group, equities analysts anticipate that Cirrus Logic, Inc. will post 5.37 EPS for the current fiscal year.

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.