Pacific Crest Downgrades Cirrus Logic to Sectorweight

Brokerage firm Pacific Crest Downgrades its rating on Cirrus Logic(NASDAQ:CRUS). The shares have been rated Sectorweight. Previously, the analysts had a Overweight rating on the shares. The rating by Pacific Crest was issued on Jul 5, 2016.

In a different note, Canaccord Genuity said it Initiates Coverage on Cirrus Logic, according to a research note issued on Jun 21, 2016. The shares have been rated ‘Buy’ by the firm. On May 5, 2016, Barclays said it Downgrades its rating on Cirrus Logic. In the research note, the firm Lowers the price-target to $37.00 per share. The shares have been rated ‘Equal-weight’ by the firm.

Cirrus Logic (CRUS) made into the market gainers list on Fridays trading session with the shares advancing 3.38% or 1.25 points. Due to strong positive momentum, the stock ended at $38.21, which is also near the day’s high of $41.04. The stock began the session at $37.46 and the volume stood at 15,81,471 shares. The 52-week high of the shares is $41.04 and the 52 week low is $24.5701. The company has a current market capitalization of $2,378 M and it has 6,22,29,406 shares in outstanding.

Cirrus Logic(CRUS) last announced its earnings results on Apr 26, 2016 for Fiscal Year 2016 and Q4.Company reported revenue of $232.00M. Analysts had an estimated revenue of $226.46M. Earnings per share were $0.38. Analysts had estimated an EPS of $0.21.

Several Insider Transactions has been reported to the SEC. On Jun 23, 2016, Thurman K Case (VP and CFO) sold 32,000 shares at $40.00 per share price.Also, On Jun 23, 2016, Alan R Schuele (director) sold 6,482 shares at $40.00 per share price.On Jun 23, 2016, Scott Thomas (VP General Counsel) sold 50,000 shares at $40.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Cirrus Logic Inc. (Cirrus Logic) develops high-precision analog and mixed-signal integrated circuits (ICs) for a range of audio and energy markets. Cirrus Logic delivers products for consumer and professional audio automotive entertainment and targeted industrial applications including energy control energy measurement light emitting diode (LED) lighting and energy exploration. The Company also serves customers from sales offices in the United States Europe and Asia including the People’s Republic of China Hong Kong South Korea Japan Singapore Taiwan and the United Kingdom. The Audio Products segment offers analog and mixed-signal audio converter and audio DSP products. The Energy Products provides high-precision analog and mixed-signal ICs for targeted energy control energy measurement LED lighting and energy exploration applications.

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