Cirrus Logic, Inc. (NASDAQ:CRUS) Short Interest Down 23.5% in March

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 1,270,000 shares, a decrease of 23.5% from the March 15th total of 1,660,000 shares. Based on an average daily volume of 740,900 shares, the days-to-cover ratio is presently 1.7 days. Currently, 2.4% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

CRUS has been the topic of a number of recent analyst reports. Benchmark reissued a "buy" rating and set a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. Barclays cut their target price on shares of Cirrus Logic from $115.00 to $80.00 and set an "equal weight" rating for the company in a research note on Tuesday. Finally, Stifel Nicolaus cut their target price on shares of Cirrus Logic from $140.00 to $112.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $123.86.

Insider Activity at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total value of $205,100.00. Following the completion of the transaction, the executive vice president now directly owns 8,330 shares of the company's stock, valued at approximately $833,000. This represents a 19.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Cirrus Logic by 8.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 76,281 shares of the semiconductor company's stock worth $7,591,000 after buying an additional 6,120 shares during the period. Illinois Municipal Retirement Fund grew its stake in shares of Cirrus Logic by 130.2% in the first quarter. Illinois Municipal Retirement Fund now owns 27,510 shares of the semiconductor company's stock worth $2,742,000 after purchasing an additional 15,562 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Cirrus Logic by 30.7% in the first quarter. Robeco Institutional Asset Management B.V. now owns 173,305 shares of the semiconductor company's stock valued at $17,271,000 after purchasing an additional 40,727 shares during the period. Stonegate Investment Group LLC bought a new position in Cirrus Logic during the 1st quarter worth $207,000. Finally, Blue Trust Inc. lifted its holdings in Cirrus Logic by 25.5% during the 1st quarter. Blue Trust Inc. now owns 7,376 shares of the semiconductor company's stock worth $735,000 after buying an additional 1,498 shares during the period. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Stock Up 4.1 %

Shares of NASDAQ:CRUS traded up $3.64 during midday trading on Thursday, hitting $92.40. The stock had a trading volume of 557,594 shares, compared to its average volume of 622,728. Cirrus Logic has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The company has a market capitalization of $4.91 billion, a P/E ratio of 16.77 and a beta of 0.95. The company's 50-day moving average price is $97.15 and its 200-day moving average price is $103.35.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. Research analysts expect that Cirrus Logic will post 5.63 EPS for the current fiscal year.

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.