Cirrus Logic, Inc. (NASDAQ:CRUS) Sees Significant Increase in Short Interest

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) was the target of a large growth in short interest in May. As of May 31st, there was short interest totalling 1,750,000 shares, a growth of 30.6% from the May 15th total of 1,340,000 shares. Based on an average daily trading volume, of 659,800 shares, the days-to-cover ratio is presently 2.7 days. Approximately 3.4% of the shares of the stock are sold short.

Cirrus Logic Price Performance

NASDAQ:CRUS remained flat at $104.34 during mid-day trading on Friday. The company had a trading volume of 728,204 shares, compared to its average volume of 639,125. The company has a 50 day moving average price of $98.66 and a 200 day moving average price of $100.39. The company has a market capitalization of $5.35 billion, a PE ratio of 17.36 and a beta of 0.93. Cirrus Logic has a one year low of $75.83 and a one year high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.52. The company had revenue of $424.46 million during the quarter, compared to the consensus estimate of $380.26 million. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. Cirrus Logic's quarterly revenue was up 14.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.24 EPS. Equities research analysts anticipate that Cirrus Logic will post 5.63 earnings per share for the current year.

Cirrus Logic announced that its board has authorized a share buyback program on Tuesday, May 6th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to buy up to 9.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CRUS has been the subject of several recent analyst reports. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a report on Wednesday, May 7th. Wall Street Zen lowered Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Thursday, June 5th. Barclays boosted their price objective on Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Finally, Benchmark reissued a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $128.33.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total transaction of $105,620.00. Following the completion of the transaction, the director now owns 20,907 shares of the company's stock, valued at $2,208,197.34. The trade was a 4.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the executive vice president now directly owns 41,645 shares of the company's stock, valued at $4,164,500. The trade was a 4.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock valued at $1,305,620 in the last quarter. 1.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Cirrus Logic

Hedge funds have recently bought and sold shares of the company. Kohmann Bosshard Financial Services LLC bought a new stake in Cirrus Logic in the fourth quarter valued at approximately $28,000. Banque Cantonale Vaudoise bought a new stake in Cirrus Logic in the first quarter valued at approximately $30,000. Headlands Technologies LLC bought a new stake in Cirrus Logic in the fourth quarter valued at approximately $39,000. Geneos Wealth Management Inc. lifted its position in Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock valued at $47,000 after purchasing an additional 232 shares during the last quarter. Finally, N.E.W. Advisory Services LLC bought a new stake in Cirrus Logic in the first quarter valued at approximately $50,000. Institutional investors own 87.96% of the company's stock.

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.