Cirrus Logic (NASDAQ:CRUS) Hits New 12-Month Low - Should You Sell?

Key Points

• Cirrus Logic shares hit a new 52-week low of $109.23, trading well below their 50-day and 200-day moving averages of $136.07 and $148.01, respectively.
• Analyst sentiment is mixed: the consensus rating is “Hold” with a $150.71 target price, while recent actions included price-target cuts from Stifel and Barclays and a “strong sell” downgrade from Zacks Research.
• The company slightly exceeded quarterly EPS expectations and reported 12.9% year-over-year revenue growth, but insiders sold 16,631 shares worth about $2.54 million over the past 90 days.

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) reached a new 52-week low on Thursday . The company traded as low as $109.23 and last traded at $109.2050, with a volume of 29184 shares trading hands. The stock had previously closed at $110.34.

Analyst Ratings Changes

Several research analysts recently issued reports on CRUS shares. Stifel Nicolaus dropped their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Barclays decreased their price objective on Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating on the stock in a report on Thursday, August 6th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Finally, Zacks Research downgraded Cirrus Logic from a "hold" rating to a "strong sell" rating in a research report on Friday, August 14th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $150.71.

Cirrus Logic Trading Down 0.5%

The company's fifty day moving average price is $136.07 and its two-hundred day moving average price is $148.01. The firm has a market cap of $5.50 billion, a P/E ratio of 13.44 and a beta of 1.18.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.81 by $0.03. The business had revenue of $459.72 million during the quarter, compared to analysts' expectations of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The firm's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the company posted $1.51 EPS. On average, analysts predict that Cirrus Logic, Inc. will post 7.47 EPS for the current fiscal year.

Insider Transactions at Cirrus Logic

In other news, EVP Scott Thomas sold 1,300 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total value of $234,052.00. Following the completion of the transaction, the executive vice president owned 31,048 shares in the company, valued at approximately $5,589,881.92. The trade was a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the business's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the transaction, the executive vice president directly owned 7,203 shares in the company, valued at $1,042,346.13. The trade was a 47.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 16,631 shares of company stock valued at $2,536,629. Corporate insiders own 1.20% of the company's stock.

Institutional Trading of Cirrus Logic

Several large investors have recently made changes to their positions in the business. Parallel Advisors LLC raised its stake in Cirrus Logic by 6.2% in the 4th quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company's stock worth $162,000 after purchasing an additional 80 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in shares of Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company's stock worth $46,000 after purchasing an additional 88 shares in the last quarter. EP Wealth Advisors LLC grew its position in shares of Cirrus Logic by 1.7% during the 2nd quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company's stock worth $598,000 after purchasing an additional 95 shares in the last quarter. Diversified Trust Co grew its position in shares of Cirrus Logic by 1.1% during the 1st quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company's stock worth $1,316,000 after purchasing an additional 102 shares in the last quarter. Finally, Wedmont Private Capital increased its holdings in shares of Cirrus Logic by 6.9% during the second quarter. Wedmont Private Capital now owns 1,644 shares of the semiconductor company's stock worth $247,000 after purchasing an additional 106 shares during the period. Institutional investors own 87.96% of the company's stock.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company's product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.

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