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Cypress Semiconductor Corporation
Type
Public
Traded as NASDAQ: CY
S&P 400 Component
Industry Semiconductors
Founded Silicon Valley, California,
United States (1982)
Headquarters San Jose, California,
United States
Number of locations
14 Design Centers, 40 Sales Offices (2000)
Key people
Hassane El-Khoury (President and CEO)
Revenue Increase US$1.627 billion (2015)
Number of employees
6,279 (2015)
Divisions Programmable Systems Division, Memory Product Division, Data Communications Division, Emerging Technologies Division
Website www.cypress.com

Cypress Semiconductor Corporation is an American semiconductor design and manufacturing company. It offers NOR flash memories, F-RAM and SRAM Traveo microcontrollers, the industry’s only PSoC programmable system-on-chip solutions, analog and PMIC Power Management ICs, CapSense capacitive touch-sensing controllers, Wireless BLE Bluetooth Low-Energy and USB connectivity solutions.

Its headquarters are in San Jose, California, and it has operations in the United States, Ireland, India and the Philippines.

Some of its main competitors include Microchip Technology, NXP, Renesas and Micron. In April 2016, Cypress Semiconductors announced the acquisition of Broadcom's Wireless Internet of Things Business.

It was founded by T. J. Rodgers and others (Fritz Beyerlein, Fred Jenne, Steven H. Kaplan, R. Michael Starnes and Lowell Turriff ) from Advanced Micro Devices. It was formed in 1982 with backing by Sevin Rosen and went public in 1986. The company initially focused on the design and development of high speed CMOS SRAMs, EEPROMs, PAL devices, and TTL logic devices. Two years after going public the company switched from the NASDAQ to the New York Stock Exchange. In October 2009, the company announced it would switch its listing to the NASDAQ on November 12, 2009.

The Cypress subsidiary AgigaTech, Inc. sells non-volatile random-access memory (RAM) and is based in San Diego, CA. It was acquired during the Simtek purchase in August 2008, and marks the second time that Cypress acquired a start-up venture from founder, Ron Sartore, who also co-founded Anchor Chips.

In November 2011, Cypress also backed a packaging firm called Deca Technologies, Inc.

In December 2014, Cypress Semiconductor merged with Spansion in an all-stock deal worth $1.59 billion. The merger represented the combination of two companies that were No. 1 in their respective memory markets and have successfully diversified into embedded processing.

In March 2015, Cypress and Spansion closed the merger in an all-stock, tax-free transaction valued at approximately $5 billion. Cypress shareholders approved the issuance of 2.457 shares of Cypress stock to Spansion shareholders for each Spansion share they own. The merger is expected to achieve more than $135 million in cost synergies on an annualized basis within three years and to be accretive to non-GAAP earnings within the first full year after the transaction closes. At the time of its merger with Spansion in 2015, Cypress Semiconductor had more than 7,000 US and foreign patents. Cypress Semiconductor is a component of the Ocean Tomo 300 Patent Index.

Cypress attempted to acquire Integrated Silicon Solution Inc. in 2015 but was thwarted by a competing bid by Chinese buyer consortium Uphill Investment Co., which included GigaDevice, a major competitor in the NOR flash market. This buyer consortium offered a higher bid than Cypress and successfully acquired ISSI for $731 million.

In April 2016, Cypress announced the acquisition of Broadcom’s Wireless Internet of Things (IoT) business and related assets in an all-cash transaction valued at $550 million. Under the terms of the deal, Cypress will acquire Broadcom's Wi-Fi, Bluetooth and Zigbee IoT product lines and intellectual property, along with its WICED brand and developer ecosystem.

In April 2016, it was announced that Advanced Semiconductor Engineering, Inc. will invest $60 million in Deca and will license Deca’s M-Series Fan-out Wafer-Level Packaging (FOWLP) technologies and processes. As part of the agreement, ASE Group and Deca will jointly develop the M-Series fan-out manufacturing process and will expand production of chip-scale packages using this technology.

Cypress named Hassane El-Khoury its president and chief executive officer, and announced he will join the board of directors on Aug. 11, 2016.

In April 2017 Delaware Chancery Court decided Cypress Semiconductor Corp. had to give former CEO Rodgers insight into internal documents related to possible violations of Cypress's Code of Business Conduct and Ethics by executive chairman Ray Bingham.

Bingham, who is a founding member of venture capital firm Canyon Bridge Capital Partners Inc, a China state-backed private equity fund, was criticized for the conflict of interest leading Cypress and Canyon Bridge as both companies possibly focus on the same acquisition targets.

Rodgers ran a proxy contest against the board, aiming for veteran tech industry board directors Daniel McCranie and Camillo Martino to replace Ray Bingham and Cypress director Eric Benhamou.

On June 12, 2017 it was made public that Ray Bingham stepped down from the board. Prior to Bingham’s resignation, shareholder-advisory firms ISS, Glass Lewis and Egan-Jones had recommended McCranie and Martino, Rodgers's nominees, citing "additional - and sharper - questions not only regarding the board's handling of this situation but also regarding the potential for conflicts of interest inherent in Bingham's dual roles."

On June 20, 2017, both of Rodgers's nominees won victories by substantial margins.

Cypress is headquartered in San Jose, CA and has manufacturing plants in Austin, TX and Bloomington, MN, assembly and test operations in the Philippines and Bangkok, Thailand. Cypress has design facilities in the United States (including San Jose, CA; Lynnwood, WA; Colorado Springs, CO; Lexington, KY; San Diego, CA; and Beaverton, OR), Japan (Tokyo), Germany (Langen and Munich), India (Bangalore), China (Shanghai), Ukraine (Lviv), Ireland (Cork), Malaysia (Penang) and other locations. Cypress has divested a large portion of its San Jose campus to SVTC, SunPower and Second Harvest Food Bank.

Since its founding, Cypress has acted as an incubator for wholly owned subsidiaries which are given a degree of autonomy and has acquired other small technology companies. In addition, Cypress has been an active acquirer of smaller technology companies. In addition, Cypress has incorporated some of its technology into subsidiaries, to speed up development of such products as the PSoC Programmable System-on-Chip (SoC) that integrates analog and digital components with a microcontroller on a single chip to form a complete solution for embedded systems. Since the early 1990s, acquisitions have included:

News

Cypress Semiconductor Corporation (technology)

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q2 2020 2020-07-23 Future report Set alerts
Q1 2020 2020-04-23 Future report Set alerts
Q4 2019 2020-01-30 0.28 0.05
Q3 2019 2019-10-24 0.30 0.03
Q2 2019 2019-07-25 0.25 -0.03
Q1 2019 2019-04-25 0.27 0.05
Q4 2018 2019-01-31 0.35 0.72
Q3 2018 2018-10-25 0.40 0.14
Q2 2018 2018-07-26 0.33 0.07
Q1 2018 2018-04-26 0.27 0.02

Ratings

2016-05-20 Reiterated Rating Wedbush Outperform $11.00
2016-04-29 Boost Price Target Craig Hallum Buy $10.00 to $12.00
2016-04-28 Reiterated Rating Wedbush Outperform $11.00
2016-04-28 Reiterated Rating Needham & Company LLC Buy $12.00
2016-03-12 Reiterated Rating Oppenheimer Buy
2016-03-12 Reiterated Rating Oppenheimer Holdings Inc. Buy
2016-03-08 Reiterated Rating SunTrust Hold
2016-03-08 Reiterated Rating Credit Suisse Hold
2016-03-08 Reiterated Rating SunTrust Banks Inc. Hold
2016-03-08 Reiterated Rating Credit Suisse Group AG Hold
2016-03-07 Boost Price Target SunTrust Neutral $8.50 to $9.00
2016-03-06 Reiterated Rating Needham & Company LLC Buy $10.00
2016-03-04 Reiterated Rating Wedbush Outperform $11.00
2016-03-04 Reiterated Rating Oppenheimer Outperform $12.00
2016-02-24 Initiated Coverage Craig Hallum Buy $10.00
2016-02-04 Reiterated Rating Needham & Company LLC Buy $10.00
2016-01-31 Reiterated Rating Credit Suisse Hold
2016-01-31 Reiterated Rating Oppenheimer Buy
2016-01-29 Lower Price Target Pacific Crest $13.00 to $11.00
2016-01-29 Lower Price Target Morgan Stanley Overweight $12.00 to $11.00
2016-01-29 Lower Price Target Credit Suisse Neutral $11.50 to $8.00
2016-01-29 Lower Price Target Barclays Overweight $14.00 to $11.00
2016-01-29 Reiterated Rating Wedbush Outperform $13.00 to $11.00
2016-01-29 Lower Price Target Oppenheimer Outperform $14.00 to $12.00
2016-01-29 Lower Price Target Needham & Company LLC Buy $12.00 to $10.00
2016-01-29 Lower Price Target Mizuho Buy $16.00 to $15.00
2016-01-29 Downgrade Sterne Agee CRT Buy to Neutral $8.00 to $8.00
2016-01-29 Lower Price Target Barclays PLC Overweight $14.00 to $11.00
2016-01-24 Reiterated Rating Pacific Crest Buy $13.00
2016-01-19 Lower Price Target Sterne Agee CRT $15.00 to $11.00
2016-01-13 Initiated Coverage SunTrust Neutral $9.00
2016-01-13 Reiterated Rating Oppenheimer Outperform $14.00
2016-01-07 Reiterated Rating Needham & Company LLC Buy $12.00
2015-12-22 Reiterated Rating Mizuho Buy $18.00
2015-12-14 Initiated Coverage Oppenheimer Outperform $14.00
2015-12-04 Reiterated Rating Needham & Company LLC Buy $12.00
2015-11-13 Reiterated Rating Mizuho Buy $18.00
2015-10-23 Reiterated Rating Pacific Crest Buy $20.00 to $13.00
2015-10-23 Lower Price Target Morgan Stanley $14.00 to $13.00
2015-10-23 Lower Price Target JPMorgan Chase & Co. Neutral $14.50 to $12.00
2015-10-23 Lower Price Target Credit Suisse $14.50 to $11.50
2015-10-23 Lower Price Target Barclays Overweight $15.00 to $14.00
2015-10-23 Downgrade Needham & Company LLC Strong-Buy to Buy $17.00 to $12.00
2015-10-23 Lower Price Target Topeka Capital Markets Buy $13.00 to $11.00
2015-10-23 Lower Price Target Mizuho Buy $21.00 to $18.00
2015-10-19 Reiterated Rating Wedbush In-Line $16.00 to $14.00
2015-10-10 Reiterated Rating Needham & Company LLC Buy
2015-10-09 Lower Price Target Needham & Company LLC Strong-Buy $20.00 to $17.00
2015-10-09 Lower Price Target Topeka Capital Markets Buy $16.00 to $13.00
2015-09-09 Initiated Coverage Sterne Agee CRT Buy $15.00
2015-08-31 Lower Price Target Mizuho Buy $23.00 to $21.00
2015-07-22 Lower Price Target Wedbush Outperform $17.00 to $16.00
2015-07-17 Reiterated Rating Needham & Company LLC Buy $20.00
2015-07-08 Initiated Coverage Morgan Stanley Overweight $15.00
2015-07-02 Reiterated Rating Barclays Buy
2015-07-01 Reiterated Rating Credit Suisse Overweight $15.00
2015-07-01 Initiated Coverage Barclays Overweight $15.00
2015-06-26 Reiterated Rating B. Riley Neutral $23.00
2015-06-06 Set Price Target Wedbush Buy $17.00
2015-06-01 Reiterated Rating Needham & Company LLC Strong-Buy $20.00
2015-05-21 Initiated Coverage Mizuho Buy $23.00
2015-05-16 Reiterated Rating Credit Suisse Neutral
2015-05-16 Reiterated Rating Pacific Crest Overweight $20.00
2015-05-01 Reiterated Rating Wedbush Outperform $18.00 to $17.00
2015-05-01 Upgrade Needham & Company LLC Buy to Strong-Buy $20.00
2015-03-31 Reiterated Rating Needham & Company LLC Buy $20.00
2015-01-23 Boost Price Target Topeka Capital Markets Buy $13.00 to $16.00
2015-01-23 Boost Price Target Needham & Company LLC Buy $16.00 to $20.00
2015-01-23 Upgrade JPMorgan Chase & Co. Underweight to Neutral $9.50 to $15.00
2015-01-05 Set Price Target RBC Capital Buy $15.00 to $17.00
2015-01-05 Set Price Target Royal Bank Of Canada Buy $15.00 to $17.00
2014-12-29 Set Price Target Barclays Equal Weight $12.00 to $16.00
2014-12-15 Upgrade Wedbush Neutral to Outperform $12.00 to $18.00
2014-12-10 Boost Price Target Sterne Agee CRT Buy $13.00 to $18.00
2014-12-03 Upgrade Needham Hold to Buy $16
2014-12-03 Upgrade Needham & Company LLC Hold to Buy $16.00
2014-12-02 Upgrade Topeka Capital Markets Hold to Buy $10.50 to $13.00
2014-12-02 Boost Price Target Barclays Equal Weight $10.00 to $11.00
2014-12-02 Upgrade Feltl & Co. Hold to Buy $11.00 to $13.00
2014-12-02 Reiterated Rating Credit Suisse Hold $9.50 to $12.00
2014-12-02 Upgrade Pacific Crest Sector Perform to Outperform $15.00
2014-11-19 Boost Price Target Topeka Capital Markets Hold $9.00 to $10.50
2014-10-17 Reiterated Rating Credit Suisse Neutral $10.50 to $9.50
2014-10-17 Lower Price Target RBC Capital Outperform $13.00 to $12.00
2014-10-16 Lower Price Target Topeka Capital Markets Hold $11.00 to $9.00
2014-07-18 Boost Price Target RBC Capital Outperform $12.00 to $13.00
2014-06-04 Reiterated Rating Sterne Agee CRT Buy to Positive $13.00 to $10.32
2014-04-21 Reiterated Rating Citigroup Inc. Neutral $10.00
2014-04-14 Edison Investment Research Positive
2014-02-27 Downgrade Pacific Crest Outperform to Sector Perform $11.00
2014-01-24 Boost Price Target Credit Suisse $9.00 to $10.50
2013-12-30 Upgrade Ned Davis Research Sell to Neutral
2013-10-18 Upgrade Pacific Crest Sector Perform to Outperform $11.00
2013-09-27 Reiterated Rating Citigroup Inc. Neutral $13.50 to $10.50
2013-09-26 Lower Price Target Credit Suisse Neutral $10.00 to $9.00
2013-09-25 Lower Price Target Feltl & Co. Hold $12.00 to $10.00
2013-09-25 Lower Price Target Nomura Buy $14.00 to $12.00
2013-09-25 Downgrade Wedbush Outperform to Neutral $14.00 to $10.00
2013-09-25 Downgrade Topeka Capital Markets Buy to Hold $15.00 to $11.00
2013-09-25 Lower Price Target RBC Capital Outperform $14.00 to $12.00
2013-09-25 Downgrade Needham & Company LLC Buy to Hold
2013-09-25 Lower Price Target Mizuho Buy $14.00 to $12.00
2013-09-25 Lower Price Target Sterne Agee CRT Neutral to Buy $15.00 to $13.00
2013-09-24 Downgrade Needham & Company LLC Buy to Hold
2013-09-24 Downgrade Topeka Capital Markets Buy to Hold $15.00 to $11.00
2013-07-15 Downgrade Feltl & Co. Buy to Hold
2013-01-16 Reiterated Wunderlich Buy $14 to $12
2012-08-28 Initiated Feltl & Co. Hold $13
2012-07-23 Upgrade Cantor Fitzgerald Sell to Hold
2012-07-20 Reiterated Wunderlich Buy $20 to $14
2012-07-20 Reiterated Mizuho Buy $21 to $16
2012-06-08 Initiated Cantor Fitzgerald Sell $11
2012-04-20 Reiterated Mizuho Buy $23 to $21
2016-05-20 Reiterated Rating Wedbush Outperform $11.00
2016-04-29 Boost Price Target Craig Hallum Buy $10.00 to $12.00
2016-04-28 Reiterated Rating Wedbush Outperform $11.00
2016-04-28 Reiterated Rating Needham & Company LLC Buy $12.00
2016-03-12 Reiterated Rating Oppenheimer Buy

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
CYPRESS SEMICONDUCTOR CORP /DE/ 17.32%  (27580523) CY / NVEC /
RODGERS THURMAN J President & CEO 6.35%  (10112234) CY / ENPH /
KISPERT JOHN H 0.72%  (1149316) CODE / CUDA / CY / EXTR / GIMO / TNET /
Buss Brad W CFO 0.62%  (984238) AAP / CAVM / CY / PRSS / SCTY / TSLA /
SEAMS CHRISTOPHER A Executive Vice President 0.47%  (740712) CY / NANO / TSRA / XPER /
El-Khoury Hassane Executive Vice President 0.19%  (310349) CY /
NAZARIAN DANA Executive Vice President 0.19%  (302657) CY /
LONG JAMES R 0.16%  (260438) CY /
Thad Trent CFO 0.16%  (247515) CY /
ALBRECHT W STEVE 0.12%  (184739) CY / RHT / SKYW /
TONDREAU PAMELA L. Chief Legal Officer & HR 0.09%  (145247) CY /
Kothandaraman Badrinarayanan Executive Vice President 0.08%  (126294) CY / ENPH /
GOPALSWAMY SUDHIR SVP, Microcontroller/Connect 0.08%  (123125) CY /
Sherman J Donald 0.07%  (119158) CY / FISV /
Ramanathan Dinesh Executive Vice President 0.07%  (115441) CY /
RAUSCHMAYER JOSEPH EVP, Manufacturing 0.07%  (113191) CY /
VAN DEN HOEK WILBERT 0.07%  (110128) CY / IMI /
BINGHAM H RAYMOND 0.07%  (109662) CODE / CY / DHX / FIO / FLEX / ORCL / TNET /
BENHAMOU ERIC 0.06%  (89997) CY / FNJN / RNWK / SIVB /
WISHART MICHAEL S 0.04%  (68976) CODE / CY /
GEHA SAM Corporate SVP, Memory Products 0.04%  (64447) CY /
MCCRANIE J DANIEL 0.03%  (55000) CY / FSL / MENT /
KWON OC 0.03%  (50376) CODE / CY /
Lego Catherine P 0.03%  (40700) CY / FCS / IPGP / LRCX / SNDK /
MAO ROBERT YU LANG 0.02%  (36842) CY / ERII /
PHELAN CATHAL G Chief Technical Officer 0.02%  (30325) CY / ISSI / MCRL /
MARTINO CAMILLO 0.01%  (20000) CY / MX / SIMG /

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