Cirrus Logic, Inc. (NASDAQ:CRUS – Get Free Report) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 1,630,000 shares, a growth of 40.5% from the September 15th total of 1,160,000 shares. Currently, 3.1% of the shares of the company are sold short. Based on an average trading volume of 541,100 shares, the days-to-cover ratio is presently 3.0 days.
Cirrus Logic Price Performance
Shares of CRUS stock opened at $123.31 on Tuesday. The business has a 50-day moving average of $130.64 and a 200 day moving average of $118.93. Cirrus Logic has a 1-year low of $65.02 and a 1-year high of $147.46. The stock has a market capitalization of $6.59 billion, a PE ratio of 25.01 and a beta of 0.96.
Cirrus Logic (NASDAQ:CRUS – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.50. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The company had revenue of $374.03 million during the quarter, compared to analyst estimates of $318.41 million. During the same period in the prior year, the business posted $0.35 EPS. The firm’s revenue was up 18.0% compared to the same quarter last year. Analysts anticipate that Cirrus Logic will post 5.26 EPS for the current year.
Insider Buying and Selling at Cirrus Logic
Institutional Investors Weigh In On Cirrus Logic
Large investors have recently made changes to their positions in the business. Atlas Capital Advisors LLC increased its position in shares of Cirrus Logic by 103.0% during the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 204 shares during the period. Versant Capital Management Inc lifted its stake in shares of Cirrus Logic by 1,911.1% in the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 344 shares during the period. GAMMA Investing LLC boosted its position in shares of Cirrus Logic by 79.5% during the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock valued at $61,000 after purchasing an additional 210 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in Cirrus Logic in the second quarter worth $77,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Cirrus Logic by 52.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company’s stock worth $123,000 after purchasing an additional 329 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on CRUS shares. Stifel Nicolaus lifted their price target on Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. StockNews.com lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 9th. Barclays downgraded shares of Cirrus Logic from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $140.00 to $120.00 in a report on Thursday, October 10th. KeyCorp increased their target price on Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, Susquehanna lifted their price target on Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $140.00.
View Our Latest Stock Report on Cirrus Logic
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.
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