Cirrus Logic (NASDAQ:CRUS) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

Several other brokerages have also recently issued reports on CRUS. ValuEngine raised Cirrus Logic from a “sell” rating to a “hold” rating in a research report on Thursday, November 1st. Needham & Company LLC reiterated a “hold” rating on shares of Cirrus Logic in a report on Wednesday, November 21st. TheStreet upgraded Cirrus Logic from a “c+” rating to a “b-” rating in a report on Thursday, November 8th. Zacks Investment Research lowered Cirrus Logic from a “hold” rating to a “sell” rating in a report on Monday, November 12th. Finally, Cowen reiterated a “market perform” rating and set a $42.00 price objective (down previously from $44.00) on shares of Cirrus Logic in a report on Thursday, November 29th. Four analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $45.88.

Shares of NASDAQ CRUS opened at $37.95 on Tuesday. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of 10.28, a P/E/G ratio of 1.06 and a beta of 0.50. Cirrus Logic has a 12-month low of $34.49 and a 12-month high of $55.13.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Thursday, November 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.34. The business had revenue of $366.30 million for the quarter, compared to analysts’ expectations of $330.27 million. Cirrus Logic had a return on equity of 15.55% and a net margin of 7.09%. The business’s revenue for the quarter was down 13.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.36 EPS. On average, equities research analysts forecast that Cirrus Logic will post 2.44 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Great Lakes Advisors LLC purchased a new stake in shares of Cirrus Logic during the 3rd quarter valued at $9,400,000. Vanguard Group Inc. lifted its holdings in shares of Cirrus Logic by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 5,619,593 shares of the semiconductor company’s stock valued at $216,916,000 after purchasing an additional 24,334 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in Cirrus Logic by 13.4% in the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 240,279 shares of the semiconductor company’s stock worth $9,275,000 after acquiring an additional 28,300 shares during the last quarter. AQR Capital Management LLC raised its stake in Cirrus Logic by 1.9% in the 3rd quarter. AQR Capital Management LLC now owns 2,766,026 shares of the semiconductor company’s stock worth $106,768,000 after acquiring an additional 52,377 shares during the last quarter. Finally, Virginia National Bank purchased a new position in Cirrus Logic in the 3rd quarter worth $220,000. Hedge funds and other institutional investors own 90.44% of the company’s stock.

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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Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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