While the main story regarding Apple suppliers have been related to cutbacks, today’s news is all good for one supplier, Cirrus Logic, Inc. (NASDAQ:CRUS), whose shares are trading up 0.5% or $1.87 in the pre-market this morning after a couple of upgrades and notes by analysts. The bigger story may be, however, rumors which have indicated that Apple is working with Cirrus Logic, Inc. (NASDAQ:CRUS) on the development of a chipset for the upcoming iPhone 7, which would turn their lightning port into a headphone jack capable of noise-cancelation.
With likely over 100 million iPhone 7’s expected to sell at the end of this year and beginning of next, such a partnership could have quite the impact on the top line for Cirrus Logic, Inc. (NASDAQ:CRUS). While Apple’s iPhone 6s sales may come in shy of some expectations, it’s likely that the iPhone 7 will sell like hotcakes, as it will likely have a new form factor along with several major internal upgrades. The stock closed at $26.8 during the last trading session. It is down 27.78% since June 4, 2015 and is downtrending. It has underperformed the S&P500 by 23.09%.
From a total of 3 analysts covering Cirrus Logic (NASDAQ:CRUS) stock, 3 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $52 while the lowest target price is $38. The mean of all analyst targets is $45 which is 67.91% above today’s ($26.8) stock price. Cirrus Logic was the topic of 3 analyst reports since July 23, 2015 according to the firm StockzIntelligence Inc. Dougherty & Company initiated shares on November 30 with a “Buy” rating. Stifel Nicolaus upgraded CRUS stock in a recent report from July 23 to a “Buy” rating.
The institutional sentiment decreased to 1.15 in Q2 2015. It’s down 0.06, from 1.21 in 2015Q2. The ratio dived, as 34 funds sold all their Cirrus Logic, Inc. shares they owned while 76 reduced their positions. 38 funds bought stakes while 89 increased their total positions. Institutions now own 62.93 million shares which is 22.53% more than the previous share count of 51.36 million in 2015Q2.
Holderness Investments Co holds 2.08% of its total portfolio in Cirrus Logic, Inc., equating to 62,796 shares. Hussman Strategic Advisors Inc. owns 400,000 shares representing 1.6% of their total US portfolio. Moreover, Harvest Capital Strategies Llc has 1.56% of their total portfolio invested in the company, equating to 276,100 shares. The Texas-based Smith Graham & Co. Investment Advisors Lp has a total of 1.52% of their portfolio invested in the stock. Columbia Partners L L C Investment Management, a Maryland-based fund reported 423,653 shares owned.
Since March 6, 2015, the stock had 0 insider purchases, and 8 insider sales for a total of $5.06 million in net activity. Sherman William D sold 324 shares worth $9,921. Sahota Rashpal sold 17,223 shares worth $477,725. Brannan Andrew sold 21,497 shares worth $596,275. Rhode Jason P sold 100,000 shares worth $3.24M. The insider Anderson Scott Arnold sold 11,195 shares worth $372,692.
Cirrus Logic, Inc. develops high-precision, analog and mixed-signal integrated circuits (ICs) for a range of audio and energy markets. The company has a market cap of $1.71 billion. 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. It has 15.76 P/E ratio. The Firm also serves clients 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.