Cirrus Logic (NASDAQ:CRUS) Cut to Buy at StockNews.com

Cirrus Logic (NASDAQ:CRUSGet Rating) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday.

CRUS has been the topic of several other reports. Susquehanna Bancshares lowered their price objective on Cirrus Logic to $110.00 in a research note on Monday, July 25th. Cowen upped their price objective on shares of Cirrus Logic from $90.00 to $100.00 in a research report on Wednesday, August 3rd. Barclays lowered their target price on Cirrus Logic from $120.00 to $105.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Cowen increased their price objective on shares of Cirrus Logic to $100.00 in a research note on Tuesday, August 9th. Finally, Bank of America reduced their price objective on shares of Cirrus Logic from $85.00 to $80.00 and set an “underperform” rating for the company in a research note on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $102.60.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $76.92 on Friday. Cirrus Logic has a 52 week low of $67.03 and a 52 week high of $95.84. The firm has a market capitalization of $4.30 billion, a PE ratio of 12.99, a PEG ratio of 6.04 and a beta of 0.99. The business’s 50-day simple moving average is $80.45 and its 200-day simple moving average is $78.91.

Cirrus Logic announced that its Board of Directors has authorized a share repurchase plan on Tuesday, August 2nd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 10.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, VP Carl Jackson Alberty sold 1,823 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $88.24, for a total value of $160,861.52. Following the sale, the vice president now owns 33,014 shares in the company, valued at $2,913,155.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cirrus Logic news, VP Carl Jackson Alberty sold 1,823 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $88.24, for a total value of $160,861.52. Following the sale, the vice president now owns 33,014 shares in the company, valued at $2,913,155.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alexander M. Davern sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $84.74, for a total transaction of $84,740.00. Following the completion of the sale, the director now owns 18,875 shares in the company, valued at approximately $1,599,467.50. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

A number of hedge funds have recently modified their holdings of the business. Inspire Investing LLC lifted its holdings in shares of Cirrus Logic by 3.9% during the second quarter. Inspire Investing LLC now owns 3,496 shares of the semiconductor company’s stock worth $254,000 after purchasing an additional 132 shares during the period. Signaturefd LLC lifted its holdings in shares of Cirrus Logic by 17.2% during the first quarter. Signaturefd LLC now owns 941 shares of the semiconductor company’s stock worth $80,000 after purchasing an additional 138 shares during the period. Cornercap Investment Counsel Inc. lifted its holdings in Cirrus Logic by 1.1% in the first quarter. Cornercap Investment Counsel Inc. now owns 14,129 shares of the semiconductor company’s stock valued at $1,198,000 after buying an additional 150 shares during the period. Parallel Advisors LLC lifted its holdings in Cirrus Logic by 50.0% in the second quarter. Parallel Advisors LLC now owns 459 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 153 shares during the period. Finally, Quantinno Capital Management LP lifted its holdings in Cirrus Logic by 1.3% in the first quarter. Quantinno Capital Management LP now owns 12,082 shares of the semiconductor company’s stock valued at $1,024,000 after buying an additional 154 shares during the period. Institutional investors and hedge funds own 88.12% of the company’s stock.

Cirrus Logic Company Profile

(Get Rating)

Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processer; boosted amplifiers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, hearing augmentation, and active noise cancellation.

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Analyst Recommendations for Cirrus Logic (NASDAQ:CRUS)

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