BidaskClub Lowers Cirrus Logic (CRUS) to Buy
A number of other brokerages have also weighed in on CRUS. Zacks Investment Research upgraded Cirrus Logic from a hold rating to a strong-buy rating and set a $56.00 price objective for the company in a research note on Wednesday, May 8th. Cowen restated a market perform rating and set a $48.00 price objective (up previously from $38.00) on shares of Cirrus Logic in a research note on Thursday, May 2nd. MKM Partners raised their price objective on Cirrus Logic to $55.00 and gave the company a buy rating in a research note on Thursday, May 2nd. ValuEngine upgraded Cirrus Logic from a hold rating to a buy rating in a research note on Friday, March 15th. Finally, Craig Hallum lowered Cirrus Logic from a buy rating to a hold rating and lowered their price objective for the company from $44.00 to $38.00 in a research note on Thursday, January 31st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Cirrus Logic has a consensus rating of Hold and an average price target of $45.00.
CRUS stock opened at $42.20 on Tuesday. Cirrus Logic has a 1 year low of $31.25 and a 1 year high of $50.12. The stock has a market capitalization of $2.57 billion, a PE ratio of 20.59, a P/E/G ratio of 2.04 and a beta of 0.65.
Cirrus Logic announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 30th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the semiconductor company to reacquire up to 8.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
In other Cirrus Logic news, Director David J. Tupman sold 1,541 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $49.43, for a total transaction of $76,171.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Scott Thomas sold 6,153 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $45.00, for a total value of $276,885.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,660 shares of company stock valued at $627,935. 2.32% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans lifted its holdings in Cirrus Logic by 5.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 15,497 shares of the semiconductor company’s stock worth $514,000 after buying an additional 795 shares during the last quarter. Strs Ohio lifted its holdings in shares of Cirrus Logic by 1,068.0% in the 1st quarter. Strs Ohio now owns 29,200 shares of the semiconductor company’s stock worth $1,228,000 after purchasing an additional 26,700 shares during the last quarter. Cipher Capital LP bought a new stake in shares of Cirrus Logic in the 4th quarter worth approximately $666,000. Meeder Asset Management Inc. lifted its holdings in shares of Cirrus Logic by 813.1% in the 4th quarter. Meeder Asset Management Inc. now owns 6,291 shares of the semiconductor company’s stock worth $209,000 after purchasing an additional 5,602 shares during the last quarter. Finally, Prudential Financial Inc. lifted its holdings in shares of Cirrus Logic by 106.2% in the 4th quarter. Prudential Financial Inc. now owns 801,837 shares of the semiconductor company’s stock worth $26,605,000 after purchasing an additional 412,921 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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