Cirrus Logic, Inc. (NASDAQ:CRUS) was down 7.8% on Monday . The company traded as low as $44.69 and last traded at $44.78. Approximately 1,326,658 shares changed hands during trading, an increase of 88% from the average daily volume of 707,092 shares. The stock had previously closed at $48.55.
A number of equities research analysts recently weighed in on CRUS shares. BidaskClub cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Monday, February 4th. Cowen restated a “market perform” rating and set a $48.00 price objective (up from $38.00) on shares of Cirrus Logic in a research note on Thursday, May 2nd. Craig Hallum cut shares of Cirrus Logic from a “buy” rating to a “hold” rating and cut their price objective for the company from $44.00 to $38.00 in a research note on Thursday, January 31st. Finally, TheStreet cut shares of Cirrus Logic from a “b-” rating to a “c” rating in a research note on Friday, February 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Cirrus Logic presently has a consensus rating of “Hold” and a consensus price target of $45.00.
The company has a market cap of $2.72 billion, a price-to-earnings ratio of 22.45, a PEG ratio of 1.99 and a beta of 0.65.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.12 by $0.04. Cirrus Logic had a net margin of 7.59% and a return on equity of 10.65%. The firm had revenue of $240.44 million for the quarter, compared to analysts’ expectations of $219.67 million. During the same period in the previous year, the business earned $0.51 earnings per share. Cirrus Logic’s revenue for the quarter was down 20.7% compared to the same quarter last year. On average, sell-side analysts expect that Cirrus Logic, Inc. will post 1.5 earnings per share for the current fiscal year.
Cirrus Logic announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 30th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 8.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other Cirrus Logic news, SVP Scott Arnold Anderson sold 6,966 shares of the business’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $39.46, for a total value of $274,878.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David J. Tupman sold 1,541 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $49.43, for a total transaction of $76,171.63. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,660 shares of company stock worth $627,935. 2.32% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of CRUS. Investors Research Corp bought a new stake in Cirrus Logic in the first quarter worth about $25,000. Quadrant Capital Group LLC raised its position in Cirrus Logic by 596.7% in the first quarter. Quadrant Capital Group LLC now owns 641 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 549 shares in the last quarter. Pearl River Capital LLC bought a new stake in Cirrus Logic in the fourth quarter worth about $32,000. Huntington National Bank bought a new stake in Cirrus Logic in the fourth quarter worth about $68,000. Finally, Advisor Group Inc. raised its position in Cirrus Logic by 71.8% in the fourth quarter. Advisor Group Inc. now owns 2,166 shares of the semiconductor company’s stock worth $71,000 after acquiring an additional 905 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.
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Cirrus Logic Company Profile (NASDAQ:CRUS)
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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