Cirrus Logic (NASDAQ:CRUS)‘s stock had its “underweight” rating reiterated by equities research analysts at Barclays in a research note issued to investors on Monday, Stock Ratings Network.com reports. They currently have a $16.00 target price on the stock. Barclays’ price objective would suggest a potential downside of 28.09% from the company’s current price.
The analysts wrote, “When we published our thoughts on the initial iPad Air teardowns last week, we noted that CRUS’ audio CODEC was clearly visible but we were unable to locate the two CRUS amps found in previous versions. At the time, we were also unable to identify amplifiers from a competitor, so we left this potential socket loss story as a point of further investigation. Today, we have identified 4 Maxim MAX98304 Class D Amplifiers, which confirm that Cirrus did in fact lose the amplifier socket.”
Cirrus Logic (NASDAQ:CRUS) traded down 13.26% on Monday, hitting $19.30. 9,323,670 shares of the company’s stock traded hands. Cirrus Logic has a 1-year low of $16.46 and a 1-year high of $32.24. The stock has a 50-day moving average of $23.46 and a 200-day moving average of $20.77. The company has a market cap of $1.226 billion and a price-to-earnings ratio of 10.01.
Cirrus Logic (NASDAQ:CRUS) last released its earnings data on Tuesday, October 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.24. The company had revenue of $190.70 million for the quarter, compared to the consensus estimate of $181.68 million. During the same quarter in the prior year, the company posted $0.79 earnings per share. The company’s quarterly revenue was down 1.6% on a year-over-year basis. On average, analysts predict that Cirrus Logic will post $2.65 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on CRUS. Analysts at Zacks downgraded shares of Cirrus Logic from an “outperform” rating to a “neutral” rating in a research note to investors on Friday, November 1st. They now have a $25.30 price target on the stock. Separately, analysts at Sterne Agee raised their price target on shares of Cirrus Logic from $25.00 to $28.00 in a research note to investors on Wednesday, October 30th. They now have a “buy” rating on the stock. Finally, analysts at Needham & Company raised their price target on shares of Cirrus Logic from $22.00 to $28.00 in a research note to investors on Wednesday, October 30th. They now have a “buy” rating on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $25.16.
In other Cirrus Logic news, CEO Jason Rhode sold 101,371 shares of the company’s stock on the open market in a transaction dated Thursday, November 7th. The stock was sold at an average price of $22.52, for a total value of $2,282,874.92. Following the completion of the sale, the chief executive officer now directly owns 54,630 shares of the company’s stock, valued at approximately $1,230,268. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Cirrus Logic, Inc is a United States-based company, which supplies high-precision analog and digital signal processing components for audio and energy markets.
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