Cirrus Logic (NASDAQ:CRUS) Sets New 1-Year Low - Time to Sell?

Key Points

• Cirrus Logic fell to a new 52-week low of $105.77, trading below its 50-day and 200-day moving averages of $117.69 and $142.81, respectively.
• Analyst sentiment is mixed: five analysts rate the stock a Buy, three Hold, and one Sell. The consensus rating is Hold, with an average price target of $150.71, although several firms recently lowered their targets.
• Despite the stock weakness, Cirrus Logic exceeded quarterly EPS estimates and reported 12.9% year-over-year revenue growth. Institutional investors own approximately 87.96% of the company, while insiders sold shares in recent months.

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) reached a new 52-week low during trading on Monday. The company traded as low as $105.77 and last traded at $106.4260, with a volume of 426,120 shares trading hands. The stock had previously closed at $106.87.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. KeyCorp decreased their price objective on shares of Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating for the company in a research report on Thursday, August 6th. Weiss Ratings lowered Cirrus Logic from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, October 2nd. Wall Street Zen raised shares of Cirrus Logic from a "hold" rating to a "buy" rating in a research note on Saturday. Stifel Nicolaus dropped their price target on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Finally, Barclays decreased their price objective on Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating for the company in a report on Thursday, August 6th. Five 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. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $150.71.

Cirrus Logic Stock Down 0.5%

The company has a 50-day simple moving average of $117.69 and a two-hundred day simple moving average of $142.81. The firm has a market cap of $5.33 billion, a PE ratio of 13.01 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping analysts' consensus estimates of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The company had revenue of $459.72 million for the quarter, compared to the consensus estimate of $460.32 million. During the same period in the previous year, the firm earned $1.51 EPS. The firm's quarterly revenue was up 12.9% on a year-over-year basis. As a group, equities analysts predict that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $119.00, for a total transaction of $138,754.00. Following the completion of the transaction, the executive vice president owned 12,907 shares of the company's stock, valued at $1,535,933. The trade was a 8.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 3,498 shares of company stock valued at $437,786 in the last three months. 1.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Coppell Advisory Solutions LLC bought a new position in Cirrus Logic in the 2nd quarter worth approximately $39,000. Public Employees Retirement System of Ohio bought a new position in shares of Cirrus Logic during the 2nd quarter valued at about $2,859,000. Assenagon Asset Management S.A. lifted its position in shares of Cirrus Logic by 37.6% in the second quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company's stock worth $31,766,000 after buying an additional 58,446 shares in the last quarter. Bank of America Corp DE purchased a new position in Cirrus Logic during the 2nd quarter valued at approximately $168,329,000. Finally, Quantinno Capital Management LP boosted its position in shares of Cirrus Logic by 21.1% during the 1st quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company's stock valued at $136,262,000 after acquiring an additional 163,979 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

About Cirrus Logic

Cirrus Logic, Inc is a fabless semiconductor company that develops high-performance, low-power analog and mixed-signal processing solutions. Its technologies are designed to capture, process, and enhance audio and other sensory signals in electronic devices.

The company's products include audio converters, codecs, amplifiers, digital signal processors, voice-input components, and haptic and sensing solutions. These products are used in smartphones, laptops, tablets, headphones, home audio equipment, automotive systems, and other consumer and industrial applications.

Headquartered in Austin, Texas, Cirrus Logic serves customers globally through a combination of product development, engineering, sales, and support operations.

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