Cirrus Logic (CRUS) Price Target Lowered to $52.00 at Stifel Nicolaus

Cirrus Logic (NASDAQ:CRUS) had its price target lowered by Stifel Nicolaus from $60.00 to $52.00 in a research note issued to investors on Monday, MarketBeat Ratings reports. The firm currently has a buy rating on the semiconductor company’s stock.

A number of other brokerages also recently commented on CRUS. ValuEngine downgraded shares of Cirrus Logic from a buy rating to a hold rating in a research report on Sunday, December 31st. BidaskClub downgraded shares of Cirrus Logic from a hold rating to a sell rating in a research report on Thursday, January 11th. Zacks Investment Research downgraded shares of Cirrus Logic from a hold rating to a sell rating in a research report on Friday, January 12th. Craig Hallum dropped their price objective on shares of Cirrus Logic from $54.00 to $44.00 and set a hold rating on the stock in a research report on Tuesday, February 6th. Finally, Barclays dropped their price objective on shares of Cirrus Logic from $45.00 to $36.00 and set an underweight rating on the stock in a research report on Tuesday, February 6th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $59.60.

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Cirrus Logic stock opened at $36.05 on Monday. The company has a market cap of $2,326.81, a price-to-earnings ratio of 9.13, a price-to-earnings-growth ratio of 1.26 and a beta of 0.22. Cirrus Logic has a 52-week low of $35.90 and a 52-week high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Monday, February 5th. The semiconductor company reported $1.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.78 by ($0.19). The business had revenue of $482.70 million for the quarter, compared to analyst estimates of $530.99 million. Cirrus Logic had a return on equity of 22.60% and a net margin of 11.89%. Cirrus Logic’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.87 earnings per share. equities analysts predict that Cirrus Logic will post 3.78 earnings per share for the current year.

Cirrus Logic declared that its board has approved a share buyback plan on Monday, February 5th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, VP Randolph K. Carlson sold 7,265 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $42.03, for a total value of $305,347.95. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 7,941 shares of company stock worth $335,140 over the last ninety days. Insiders own 1.92% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Cirrus Logic in the 4th quarter valued at $100,000. Delpha Capital Management LLC purchased a new position in shares of Cirrus Logic in the 4th quarter valued at $161,000. Capital Fund Management S.A. purchased a new position in shares of Cirrus Logic in the 4th quarter valued at $200,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Cirrus Logic by 43.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,401 shares of the semiconductor company’s stock valued at $228,000 after buying an additional 1,333 shares during the last quarter. Finally, Kendall Capital Management purchased a new position in shares of Cirrus Logic in the 4th quarter valued at $256,000. 91.26% of the stock is currently owned by hedge funds and other institutional investors.

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About Cirrus Logic

Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.

Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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