Cirrus Logic (NASDAQ:CRUS) Trading Down 4.4% - What's Next?

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

Wall Street Analysts Forecast Growth

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

Cirrus Logic Trading Up 1.7%

The company has a market capitalization of $5.48 billion, a P/E ratio of 17.74 and a beta of 0.95. The business's fifty day moving average price is $103.34 and its 200-day moving average price is $100.68.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping 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 company had revenue of $424.46 million during the quarter, compared to the consensus estimate of $380.26 million. During the same period in the previous year, the firm posted $1.24 EPS. The firm's revenue was up 14.2% compared to the same quarter last year. As a group, equities research analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

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

Insider Transactions at Cirrus Logic

In other news, EVP Carl Jackson Alberty sold 2,000 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 transaction of $200,000.00. Following the completion of the sale, the executive vice president directly owned 41,645 shares of the company's stock, valued at approximately $4,164,500. The trade was a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of Cirrus Logic stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction 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 represents a 41.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,000 shares of company stock valued at $1,305,620. Insiders own 1.16% of the company's stock.

Hedge Funds Weigh In On Cirrus Logic

Large investors have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise purchased a new position in Cirrus Logic in the 1st quarter worth $30,000. Headlands Technologies LLC purchased a new position in Cirrus Logic in the 4th quarter worth $39,000. Geneos Wealth Management Inc. raised its position in Cirrus Logic by 95.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock worth $47,000 after purchasing an additional 232 shares during the period. N.E.W. Advisory Services LLC purchased a new position in Cirrus Logic in the 1st quarter worth $50,000. Finally, UMB Bank n.a. increased its position in shares of Cirrus Logic by 124.5% in 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 during the period. Hedge funds and other institutional investors own 87.96% of the company's stock.

Cirrus Logic Company Profile

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.