Cirrus Logic (NASDAQ:CRUS) Shares Down 5.3%

Cirrus Logic, Inc. (NASDAQ:CRUS) shares traded down 5.3% during trading on Monday . The stock traded as low as $51.80 and last traded at $52.20, 1,496,745 shares traded hands during mid-day trading. An increase of 115% from the average session volume of 697,522 shares. The stock had previously closed at $55.15.

Several research analysts have recently commented on the company. ValuEngine upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd. BidaskClub upgraded Cirrus Logic from a “buy” rating to a “strong-buy” rating in a report on Friday. Bank of America restated an “underperform” rating and set a $46.00 price target (up previously from $40.00) on shares of Cirrus Logic in a report on Thursday. MKM Partners boosted their price target on Cirrus Logic to $55.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 price target on the stock in a report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. Cirrus Logic has a consensus rating of “Buy” and an average target price of $50.13.

The company has a fifty day moving average of $45.45. The company has a current ratio of 4.30, a quick ratio of 3.98 and a debt-to-equity ratio of 0.12. The stock has a market cap of $3.08 billion, a PE ratio of 25.46, a PEG ratio of 2.49 and a beta of 0.94.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, July 31st. The semiconductor company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.21. Cirrus Logic had a return on equity of 10.96% and a net margin of 8.46%. The firm had revenue of $238.25 million for the quarter, compared to the consensus estimate of $221.08 million. During the same quarter in the prior year, the business earned $0.28 EPS. The business’s revenue for the quarter was down 6.4% on a year-over-year basis. Sell-side analysts forecast that Cirrus Logic, Inc. will post 1.48 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Advisor Group Inc. increased 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 buying an additional 905 shares during the last quarter. Amundi Pioneer Asset Management Inc. purchased a new stake in Cirrus Logic in the fourth quarter worth $95,000. Thrivent Financial for Lutherans increased its position in Cirrus Logic by 5.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 15,497 shares of the semiconductor company’s stock worth $514,000 after buying an additional 795 shares during the last quarter. Legal & General Group Plc increased its position in Cirrus Logic by 6.2% in the fourth quarter. Legal & General Group Plc now owns 70,756 shares of the semiconductor company’s stock worth $2,348,000 after buying an additional 4,147 shares during the last quarter. Finally, Millennium Management LLC increased its position in Cirrus Logic by 219.6% in the fourth quarter. Millennium Management LLC now owns 349,175 shares of the semiconductor company’s stock worth $11,586,000 after buying an additional 239,918 shares during the last quarter. 84.60% of the stock is currently owned by hedge funds and other institutional investors.

About Cirrus Logic (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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