Cypress Semiconductor Corporation (CY) Upgraded at Zacks Investment Research

Cypress Semiconductor Corporation (NASDAQ:CY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, June 29th. The firm presently has a $15.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s price target points to a potential upside of 2.32% from the company’s current price.

According to Zacks, “Cypress develops and manufactures a broad range of digital and mixed signal ICs.   The company’s first-quarter earnings were above the Zacks Consensus Estimate. However, over the last one year, the stock has underperformed the Zacks characterized Semi-Communications industry. Although weak and uncertain macro environment remain concerns, the company’s advanced technology, momentum in new products, increased customer wins and growth initiatives are encouraging. The acquisition of Wireless Internet of Things (IoT) business has further strengthened the company’s leading position in the IoT market.”

A number of other equities analysts also recently issued reports on CY. Bank of America Corporation reissued a “buy” rating and issued a $16.00 price objective on shares of Cypress Semiconductor Corporation in a report on Friday, March 3rd. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price objective on shares of Cypress Semiconductor Corporation in a report on Monday, March 6th. Craig Hallum raised their price objective on shares of Cypress Semiconductor Corporation from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, March 29th. Loop Capital reissued a “buy” rating and issued a $16.00 price objective on shares of Cypress Semiconductor Corporation in a report on Wednesday, March 29th. Finally, KeyCorp started coverage on shares of Cypress Semiconductor Corporation in a report on Wednesday, March 29th. They issued an “overweight” rating and a $17.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Cypress Semiconductor Corporation currently has a consensus rating of “Buy” and a consensus price target of $16.67.

Cypress Semiconductor Corporation (NASDAQ CY) traded up 0.14% on Thursday, reaching $14.66. 12,593,948 shares of the company’s stock were exchanged. The company’s market cap is $4.84 billion. The firm’s 50 day moving average price is $13.89 and its 200 day moving average price is $13.41. Cypress Semiconductor Corporation has a 52-week low of $9.63 and a 52-week high of $15.11.

Cypress Semiconductor Corporation (NASDAQ:CY) last posted its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.05. The company had revenue of $593.80 million for the quarter, compared to the consensus estimate of $546.82 million. Cypress Semiconductor Corporation had a negative net margin of 6.04% and a positive return on equity of 6.21%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.13 earnings per share. On average, analysts expect that Cypress Semiconductor Corporation will post $0.72 earnings per share for the current year.

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In other news, Director Eric Benhamou sold 50,000 shares of Cypress Semiconductor Corporation stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $13.31, for a total transaction of $665,500.00. Following the sale, the director now owns 89,997 shares in the company, valued at $1,197,860.07. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Oc Kwon sold 6,385 shares of Cypress Semiconductor Corporation stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $14.01, for a total transaction of $89,453.85. Following the sale, the director now owns 69,124 shares in the company, valued at approximately $968,427.24. The disclosure for this sale can be found here. Company insiders own 0.69% of the company’s stock.

A number of large investors have recently made changes to their positions in the company. IFP Advisors Inc boosted its stake in shares of Cypress Semiconductor Corporation by 11.6% in the first quarter. IFP Advisors Inc now owns 7,614 shares of the semiconductor company’s stock valued at $105,000 after buying an additional 794 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of Cypress Semiconductor Corporation by 101.7% in the first quarter. Nordea Investment Management AB now owns 9,121 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 4,600 shares in the last quarter. ClariVest Asset Management LLC boosted its stake in shares of Cypress Semiconductor Corporation by 101.7% in the first quarter. ClariVest Asset Management LLC now owns 9,121 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 4,600 shares in the last quarter. Cigna Investments Inc. New acquired a new stake in shares of Cypress Semiconductor Corporation during the fourth quarter valued at $130,000. Finally, ING Groep NV acquired a new stake in shares of Cypress Semiconductor Corporation during the second quarter valued at $138,000. Institutional investors own 95.17% of the company’s stock.

Cypress Semiconductor Corporation Company Profile

Cypress Semiconductor Corporation manufactures embedded system solutions for automotive, industrial, home automation and appliances, consumer electronics and medical products. The Company’s segments include Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). MCD focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions.

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Analyst Recommendations for Cypress Semiconductor Corporation (NASDAQ:CY)

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