Cirrus Logic (NASDAQ:CRUS) Trading Down 5.7% – Here’s Why

Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price fell 5.7% during mid-day trading on Wednesday . The stock traded as low as $117.03 and last traded at $116.0570. 122,326 shares changed hands during trading, a decline of 65% from the average session volume of 349,232 shares. The stock had previously closed at $123.06.

Wall Street Analysts Forecast Growth

CRUS has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Monday, December 29th. Wall Street Zen lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. Barclays boosted their target price on shares of Cirrus Logic from $90.00 to $95.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. Susquehanna raised their price target on shares of Cirrus Logic from $140.00 to $155.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. Finally, Williams Trading set a $150.00 price target on shares of Cirrus Logic in a report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $141.67.

Cirrus Logic Stock Down 3.7%

The business’s fifty day moving average is $121.33 and its 200-day moving average is $116.82. The stock has a market capitalization of $6.05 billion, a PE ratio of 16.81 and a beta of 1.09.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Tuesday, November 4th. The semiconductor company reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.51. Cirrus Logic had a net margin of 19.48% and a return on equity of 19.59%. The company had revenue of $560.96 million for the quarter, compared to the consensus estimate of $540.45 million. During the same quarter last year, the firm posted $2.25 earnings per share. Cirrus Logic’s revenue was up 3.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Scott Thomas sold 734 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $131.25, for a total transaction of $96,337.50. Following the completion of the sale, the executive vice president owned 26,307 shares in the company, valued at approximately $3,452,793.75. The trade was a 2.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Andrew Brannan sold 8,913 shares of the stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $119.06, for a total transaction of $1,061,181.78. Following the sale, the executive vice president directly owned 5,950 shares of the company’s stock, valued at approximately $708,407. This trade represents a 59.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.16% of the stock is currently owned by company insiders.

Institutional Trading of Cirrus Logic

Large investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. lifted its stake in shares of Cirrus Logic by 1,660.0% during the second quarter. Hantz Financial Services Inc. now owns 264 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 249 shares in the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Cirrus Logic during the 2nd quarter valued at about $30,000. Ameritas Advisory Services LLC acquired a new position in Cirrus Logic during the 2nd quarter worth approximately $31,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Cirrus Logic during the 2nd quarter worth approximately $39,000. Finally, Abich Financial Wealth Management LLC purchased a new position in Cirrus Logic in the 3rd quarter worth approximately $46,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

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.