Cirrus Logic Sees Unusually Large Options Volume (NASDAQ:CRUS)

Cirrus Logic, Inc. (NASDAQ:CRUS) was the recipient of some unusual options trading on Wednesday. Traders bought 4,004 put options on the stock. This is an increase of 618% compared to the typical volume of 558 put options.

Cirrus Logic Trading Up 1.3 %

Shares of NASDAQ:CRUS opened at $120.70 on Friday. The business has a 50-day moving average price of $129.27 and a 200 day moving average price of $120.29. The company has a market capitalization of $6.45 billion, a price-to-earnings ratio of 24.48 and a beta of 0.96. Cirrus Logic has a 12-month low of $65.02 and a 12-month high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.50. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The company had revenue of $374.03 million during the quarter, compared to analysts’ expectations of $318.41 million. During the same period last year, the business posted $0.35 EPS. Cirrus Logic’s revenue for the quarter was up 18.0% on a year-over-year basis. As a group, equities research analysts predict that Cirrus Logic will post 5.26 earnings per share for the current fiscal year.

Insider Activity at Cirrus Logic

In related news, VP Andrew Brannan sold 4,350 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the completion of the transaction, the vice president now directly owns 4,004 shares of the company’s stock, valued at approximately $544,704.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Andrew Brannan sold 4,350 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the completion of the transaction, the vice president now directly owns 4,004 shares of the company’s stock, valued at approximately $544,704.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Justin E. Dougherty sold 10,203 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $131.71, for a total value of $1,343,837.13. Following the completion of the transaction, the senior vice president now directly owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its holdings in Cirrus Logic by 98.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 120 shares during the period. V Square Quantitative Management LLC purchased a new position in Cirrus Logic during the 3rd quarter valued at about $31,000. Atlas Capital Advisors LLC boosted its holdings in Cirrus Logic by 103.0% during the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 204 shares during the period. Versant Capital Management Inc boosted its holdings in Cirrus Logic by 1,911.1% during the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 344 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Cirrus Logic by 79.5% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock valued at $61,000 after buying an additional 210 shares during the period. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRUS has been the subject of a number of recent research reports. KeyCorp raised their target price on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Barclays downgraded Cirrus Logic from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $140.00 to $120.00 in a research note on Thursday, October 10th. Stifel Nicolaus raised their target price on Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. StockNews.com downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 9th. Finally, Susquehanna cut their price objective on Cirrus Logic from $175.00 to $160.00 and set a “positive” rating for the company in a research report on Monday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $137.50.

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.