Zacks Investment Research downgraded shares of Cirrus Logic (NASDAQ:CRUS) from a hold rating to a sell rating in a report published on Friday.

According to Zacks, “Cirrus Logic is a premier supplier of high-performance analog circuits and advanced mixed-signal chip solutions. Estimates have remained stable ahead of the company's third-quarter fiscal 2018 results. Continued investments in the audio segment have helped the company to come up with innovative products from time to time. This aids in attracting new customers and brings in additional revenues. Additionally, expansion in the LED market continues to drive growth. However, it should be noted that Cirrus Logic generates a significant portion of revenues from Apple. This means that there is always an inherent risk of losing an Apple design contract, which will significantly hurt the company’s financials. Moreover, the company faces competition from peers, which also remains a concern. Notably, shares of the company have underperformed the industry over the past one year.”

CRUS has been the subject of a number of other research reports. Northland Securities reissued a buy rating on shares of Cirrus Logic in a report on Friday, November 3rd. BidaskClub cut Cirrus Logic from a hold rating to a sell rating in a report on Wednesday, December 6th. KeyCorp reissued an overweight rating on shares of Cirrus Logic in a report on Thursday, September 14th. ValuEngine upgraded Cirrus Logic from a hold rating to a buy rating in a research report on Monday, October 2nd. Finally, Vetr lowered Cirrus Logic from a hold rating to a sell rating and set a $49.82 price objective on the stock. in a research report on Monday, December 18th. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $65.76.

Cirrus Logic (NASDAQ CRUS) opened at $52.84 on Friday. Cirrus Logic has a fifty-two week low of $48.61 and a fifty-two week high of $71.97. The company has a market capitalization of $3,360.00 and a price-to-earnings ratio of 12.92.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.16. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. The company had revenue of $425.50 million during the quarter, compared to analysts’ expectations of $410.32 million. During the same quarter in the previous year, the firm earned $1.35 EPS. Cirrus Logic’s revenue was down .7% on a year-over-year basis. equities research analysts anticipate that Cirrus Logic will post 4.21 earnings per share for the current year.

In related news, Director Christine King sold 562 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $49.75, for a total transaction of $27,959.50. Following the sale, the director now owns 11,744 shares in the company, valued at approximately $584,264. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 6,123 shares of company stock worth $328,718 in the last 90 days. 1.92% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRUS. Old Mutual Global Investors UK Ltd. grew its position in shares of Cirrus Logic by 187.2% in the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 870,484 shares of the semiconductor company’s stock valued at $46,414,000 after buying an additional 567,354 shares during the last quarter. Koch Industries Inc. grew its position in shares of Cirrus Logic by 3,884.7% in the 2nd quarter. Koch Industries Inc. now owns 494,467 shares of the semiconductor company’s stock valued at $487,000 after buying an additional 482,058 shares during the last quarter. Prudential Financial Inc. grew its position in shares of Cirrus Logic by 69.6% in the 3rd quarter. Prudential Financial Inc. now owns 967,033 shares of the semiconductor company’s stock valued at $51,562,000 after buying an additional 396,890 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Cirrus Logic by 111.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 565,509 shares of the semiconductor company’s stock valued at $35,470,000 after buying an additional 298,388 shares during the last quarter. Finally, Teachers Advisors LLC grew its position in shares of Cirrus Logic by 230.6% in the 2nd quarter. Teachers Advisors LLC now owns 397,156 shares of the semiconductor company’s stock valued at $24,910,000 after buying an additional 277,015 shares during the last quarter. Hedge funds and other institutional investors own 89.34% of the company’s stock.

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Cirrus Logic Company Profile

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.

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