BidaskClub Lowers Cypress Semiconductor (CY) to Hold

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Cypress Semiconductor (NASDAQ:CY) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a report released on Friday.

A number of other research analysts also recently commented on CY. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price objective on shares of Cypress Semiconductor in a report on Friday, April 27th. Mizuho reiterated a “buy” rating on shares of Cypress Semiconductor in a report on Friday, April 27th. Zacks Investment Research upgraded Cypress Semiconductor from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Tuesday, May 1st. Cowen initiated coverage on Cypress Semiconductor in a report on Tuesday, May 22nd. They issued an “outperform” rating and a $21.00 price objective on the stock. Finally, Craig Hallum increased their price objective on Cypress Semiconductor from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $19.96.

Shares of NASDAQ CY opened at $16.02 on Friday. The company has a current ratio of 1.37, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Cypress Semiconductor has a 1-year low of $12.50 and a 1-year high of $18.87. The stock has a market cap of $6.04 billion, a price-to-earnings ratio of 26.70, a P/E/G ratio of 0.98 and a beta of 2.06.

Cypress Semiconductor (NASDAQ:CY) last issued its quarterly earnings results on Thursday, July 26th. The semiconductor company reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.08. Cypress Semiconductor had a return on equity of 18.51% and a net margin of 0.49%. The company had revenue of $624.00 million for the quarter, compared to the consensus estimate of $618.49 million. During the same quarter in the prior year, the business earned $0.21 EPS. Cypress Semiconductor’s revenue was up 5.1% on a year-over-year basis. research analysts expect that Cypress Semiconductor will post 1.06 earnings per share for the current fiscal year.

In related news, EVP Sudhir Gopalswamy sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $16.04, for a total transaction of $48,120.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael S. Wishart sold 5,900 shares of the firm’s stock in a transaction that occurred on Tuesday, June 5th. The stock was sold at an average price of $16.90, for a total value of $99,710.00. Following the transaction, the director now owns 77,923 shares in the company, valued at approximately $1,316,898.70. The disclosure for this sale can be found here. Insiders have sold a total of 27,283 shares of company stock worth $456,223 in the last 90 days. 0.43% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in CY. Waddell & Reed Financial Inc. lifted its position in Cypress Semiconductor by 1.7% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 21,459,257 shares of the semiconductor company’s stock worth $334,335,000 after acquiring an additional 364,600 shares during the period. TCW Group Inc. lifted its position in Cypress Semiconductor by 3.9% during the 1st quarter. TCW Group Inc. now owns 12,883,502 shares of the semiconductor company’s stock worth $218,504,000 after acquiring an additional 483,236 shares during the period. Villere ST Denis J & Co. LLC lifted its position in Cypress Semiconductor by 2.6% during the 1st quarter. Villere ST Denis J & Co. LLC now owns 4,691,150 shares of the semiconductor company’s stock worth $79,561,000 after acquiring an additional 119,050 shares during the period. Ceredex Value Advisors LLC acquired a new stake in Cypress Semiconductor during the 1st quarter worth approximately $62,554,000. Finally, Robecosam AG lifted its position in Cypress Semiconductor by 27.7% during the 2nd quarter. Robecosam AG now owns 3,000,000 shares of the semiconductor company’s stock worth $47,310,000 after acquiring an additional 650,000 shares during the period. Hedge funds and other institutional investors own 83.59% of the company’s stock.

About Cypress Semiconductor

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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