Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) was the target of a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 1,750,000 shares, an increase of 30.6% from the May 15th total of 1,340,000 shares. Currently, 3.4% of the company's shares are short sold. Based on an average daily trading volume, of 659,800 shares, the short-interest ratio is currently 2.7 days.
Cirrus Logic Price Performance
Shares of NASDAQ:CRUS traded down $0.75 during trading on Tuesday, hitting $103.34. 360,599 shares of the company were exchanged, compared to its average volume of 639,063. The firm's 50 day moving average price is $97.63 and its 200-day moving average price is $100.39. Cirrus Logic has a 12-month low of $75.83 and a 12-month high of $147.46. The stock has a market capitalization of $5.30 billion, a P/E ratio of 17.19 and a beta of 0.93.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The firm had revenue of $424.46 million during the quarter, compared to analysts' expectations of $380.26 million. During the same period in the previous year, the company earned $1.24 earnings per share. Cirrus Logic's quarterly revenue was up 14.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Cirrus Logic will post 5.63 EPS for the current year.
Cirrus Logic declared that its board has approved a stock repurchase program on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 9.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.
Wall Street Analysts Forecast Growth
CRUS has been the subject of several recent research reports. Barclays lifted their price objective on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Benchmark reiterated a "buy" rating and set a $125.00 price target on shares of Cirrus Logic in a report on Wednesday, March 19th. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a report on Wednesday, May 7th. Finally, Wall Street Zen cut shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday, June 5th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $128.33.
Read Our Latest Stock Report on CRUS
Insider Transactions at Cirrus Logic
In other news, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total transaction of $105,620.00. Following the sale, the director now owns 20,907 shares of the company's stock, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of Cirrus Logic stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $1,000,000.00. Following the completion of the transaction, the executive vice president now owns 14,001 shares of the company's stock, valued at approximately $1,400,100. This trade represents a 41.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,000 shares of company stock worth $1,305,620 over the last ninety days. Company insiders own 1.16% of the company's stock.
Institutional Investors Weigh In On Cirrus Logic
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRUS. Inspire Investing LLC grew its position in shares of Cirrus Logic by 21.1% during the first quarter. Inspire Investing LLC now owns 11,926 shares of the semiconductor company's stock worth $1,188,000 after acquiring an additional 2,074 shares during the last quarter. Strs Ohio acquired a new position in Cirrus Logic in the first quarter valued at $1,434,000. Geneos Wealth Management Inc. increased its stake 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 period. Focus Partners Wealth purchased a new stake in shares of Cirrus Logic in the first quarter valued at about $361,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Cirrus Logic during the first quarter worth about $98,000. Hedge funds and other institutional investors own 87.96% of the company's stock.
About Cirrus Logic
(
Get Free Report)
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.
Further Reading
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