Cirrus Logic (NASDAQ:CRUS) Shares Down 4.4% - Time to Sell?

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report)'s stock price fell 4.4% during mid-day trading on Wednesday . The stock traded as low as $102.39 and last traded at $102.91. 215,176 shares traded hands during trading, a decline of 66% from the average session volume of 635,393 shares. The stock had previously closed at $107.66.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CRUS. Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday, June 5th. Benchmark reaffirmed a "buy" rating and issued a $125.00 price target on shares of Cirrus Logic in a report on Wednesday, March 19th. Barclays upped their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Finally, Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Cirrus Logic presently has an average rating of "Moderate Buy" and an average target price of $128.33.

Cirrus Logic Price Performance

The firm has a market cap of $5.36 billion, a P/E ratio of 17.38 and a beta of 0.95. The stock has a 50 day moving average of $103.55 and a 200 day moving average of $100.70.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.52. The firm had revenue of $424.46 million for the quarter, compared to analysts' expectations of $380.26 million. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The company's revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period last year, the firm earned $1.24 earnings per share. On average, research analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its board has initiated a stock buyback program on Tuesday, May 6th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total value of $1,000,000.00. Following the sale, the executive vice president directly owned 14,001 shares of the company's stock, valued at $1,400,100. This trade represents a 41.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Carl Jackson Alberty sold 2,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the executive vice president owned 41,645 shares of the company's stock, valued at $4,164,500. This trade represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,000 shares of company stock valued at $1,305,620 over the last ninety days. 1.16% of the stock is owned by insiders.

Institutional Trading of Cirrus Logic

Several institutional investors and hedge funds have recently bought and sold shares of CRUS. Banque Cantonale Vaudoise purchased a new position in shares of Cirrus Logic during the first quarter valued at approximately $30,000. Headlands Technologies LLC purchased a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $39,000. Geneos Wealth Management Inc. increased its position in shares of Cirrus Logic by 95.1% during the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock valued at $47,000 after acquiring an additional 232 shares in the last quarter. N.E.W. Advisory Services LLC bought a new stake in shares of Cirrus Logic during the first quarter valued at approximately $50,000. Finally, UMB Bank n.a. increased its position in shares of Cirrus Logic by 124.5% during the first quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock valued at $52,000 after acquiring an additional 290 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

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.