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

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CRUS. Weiss Ratings downgraded shares of Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 2nd. Barclays lowered their price objective on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a research note on Thursday, August 6th. Wall Street Zen raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Finally, KeyCorp reduced 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 note on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $150.71.

Cirrus Logic Price Performance

The stock’s fifty day simple moving average is $117.69 and its 200-day simple moving average is $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) last posted its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The business had revenue of $459.72 million for the quarter, compared to the consensus estimate of $460.32 million. During the same quarter in the previous year, the business earned $1.51 EPS. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. Analysts expect that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

Insider Buying and Selling

In other Cirrus Logic news, EVP Jeffrey Baumgartner sold 1,166 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $119.00, for a total value of $138,754.00. Following the completion of the transaction, the executive vice president owned 12,907 shares in the company, valued at approximately $1,535,933. This represents a 8.29% decrease in their ownership of the stock. The sale 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. Insiders have sold a total of 3,498 shares of company stock worth $437,786 in the last quarter. 1.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cirrus Logic

A number of institutional investors have recently added to or reduced their stakes in CRUS. Wedmont Private Capital grew its position in shares of Cirrus Logic by 41.0% in the third quarter. Wedmont Private Capital now owns 2,318 shares of the semiconductor company’s stock valued at $262,000 after purchasing an additional 674 shares during the period. GAMMA Investing LLC lifted its holdings in Cirrus Logic by 3.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,742 shares of the semiconductor company’s stock valued at $329,000 after purchasing an additional 100 shares in the last quarter. Elevation Wealth Partners LLC grew its holdings in shares of Cirrus Logic by 44.1% during the third quarter. Elevation Wealth Partners LLC now owns 425 shares of the semiconductor company’s stock worth $51,000 after buying an additional 130 shares in the last quarter. Cim Investment Management Inc. lifted its stake in shares of Cirrus Logic by 7.4% in the second quarter. Cim Investment Management Inc. now owns 3,963 shares of the semiconductor company’s stock worth $589,000 after buying an additional 274 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its position in Cirrus Logic by 7.9% during the second quarter. QRG Capital Management Inc. now owns 7,457 shares of the semiconductor company’s stock worth $1,108,000 after acquiring an additional 545 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Company Profile

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.