Cypress Semiconductor (NASDAQ:CY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Cypress continues to perform well across all the end markets with the help of its robust and expanding product portfolio. This remains the key driver of its top-line growth. Further, the company’s strong focus toward delivering embedded solutions for consumer, automotive and industrial customers will continue to aid the execution of its growth strategies. Moreover, strengthening automotive microcontrollers and improving demand for the company’s Flash and SRAM products will continue to help Cypress in gaining momentum. We note that Cypress’ advanced technology, momentum in new products, increased customer wins and growth initiatives are major positives. However, ongoing consolidation in the semiconductor industry remains a headwind. The stock has outperformed the industry it belongs to over a year.”
CY has been the topic of several other reports. Mizuho reissued a “buy” rating on shares of Cypress Semiconductor in a research report on Friday, April 27th. Needham & Company LLC reissued a “buy” rating and issued a $23.00 target price on shares of Cypress Semiconductor in a research report on Friday, April 27th. BidaskClub cut Cypress Semiconductor from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Finally, Cowen initiated coverage on Cypress Semiconductor in a research report on Tuesday, May 22nd. They set an “outperform” rating and a $21.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. Cypress Semiconductor presently has an average rating of “Buy” and a consensus price target of $19.42.
Cypress Semiconductor traded down $0.12, hitting $16.46, during trading hours on Wednesday, according to Marketbeat. The company’s stock had a trading volume of 68,614 shares, compared to its average volume of 4,673,875. Cypress Semiconductor has a 12 month low of $12.50 and a 12 month high of $18.87. The company has a market capitalization of $5.88 billion, a price-to-earnings ratio of 27.42, a PEG ratio of 0.98 and a beta of 2.09. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 1.27.
Cypress Semiconductor (NASDAQ:CY) last released its quarterly earnings data on Thursday, April 26th. The semiconductor company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.24 by $0.03. The company had revenue of $582.24 million during the quarter, compared to the consensus estimate of $580.44 million. Cypress Semiconductor had a positive return on equity of 15.62% and a negative net margin of 1.63%. Cypress Semiconductor’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period last year, the company earned $0.13 EPS. equities analysts predict that Cypress Semiconductor will post 1.03 earnings per share for the current fiscal year.
In other news, CEO Hassane El-Khoury acquired 10,000 shares of Cypress Semiconductor stock in a transaction on Monday, April 30th. The shares were acquired at an average price of $15.03 per share, with a total value of $150,300.00. Following the purchase, the chief executive officer now directly owns 310,349 shares in the company, valued at approximately $4,664,545.47. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Sudhir Gopalswamy sold 3,000 shares of Cypress Semiconductor stock in a transaction that occurred on Monday, June 18th. The stock was sold at an average price of $17.60, for a total value of $52,800.00. Following the completion of the sale, the executive vice president now directly owns 119,342 shares in the company, valued at approximately $2,100,419.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,266 shares of company stock worth $425,787. Corporate insiders own 0.43% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CY. Institutional & Family Asset Management LLC bought a new position in shares of Cypress Semiconductor during the 1st quarter valued at approximately $132,000. Wolverine Asset Management LLC boosted its holdings in Cypress Semiconductor by 61.3% during the 4th quarter. Wolverine Asset Management LLC now owns 10,724 shares of the semiconductor company’s stock valued at $163,000 after acquiring an additional 4,075 shares during the period. Wedbush Securities Inc. purchased a new position in Cypress Semiconductor during the 1st quarter valued at $177,000. Cornerstone Capital Management Holdings LLC. purchased a new position in Cypress Semiconductor during the 4th quarter valued at $178,000. Finally, Private Advisor Group LLC purchased a new position in Cypress Semiconductor during the 1st quarter valued at $180,000. 84.91% of the stock is currently owned by hedge funds and other institutional investors.
Cypress Semiconductor Company Profile
Cypress Semiconductor Corporation designs, develops, manufactures, markets, and sells embedded system solutions worldwide. It operates in two segments, Microcontroller and Connectivity Division, and Memory Products Division. The Microcontroller and Connectivity Division provides microcontroller (MCU), analog, and wireless and wired connectivity solutions, including Traveo automotive MCUs; programmable system-on-chip and general-purpose MCUs; ARM Cortex-M4, -M3, and -M0+ MCUs; R4 CPUs; analog power management integrated circuits and energy harvesting solutions; CapSense capacitive-sensing controllers; TrueTouch touchscreens; Wi-Fi, Bluetooth, Bluetooth low energy, and ZigBee solutions; WICED development platform; and USB controllers comprising solutions for the USB-C and USB power delivery standards, as well as wireless Internet of things connectivity solutions.
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