Cirrus Logic, Inc. (NASDAQ:CRUS – Get Free Report)’s stock price was down 5.6% on Friday. The company traded as low as $106.33 and last traded at $106.8290. Approximately 115,938 shares were traded during trading, a decline of 83% from the average daily volume of 688,940 shares. The stock had previously closed at $113.20.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. Weiss Ratings downgraded Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 2nd. Wall Street Zen downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Zacks Research lowered shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. KeyCorp cut their price objective on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Finally, Stifel Nicolaus cut their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $150.71.
View Our Latest Analysis on CRUS
Cirrus Logic Trading Down 4.7%
Cirrus Logic (NASDAQ:CRUS – Get Free Report) 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. The company had revenue of $459.72 million during the quarter, compared to analyst estimates 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 in the prior year, the business earned $1.51 earnings per share. Sell-side analysts expect that Cirrus Logic, Inc. will post 7.32 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Cirrus Logic news, EVP Jeffrey Baumgartner sold 1,166 shares of the firm’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $119.00, for a total value of $138,754.00. Following the completion of the sale, the executive vice president directly owned 12,907 shares of the company’s stock, valued at $1,535,933. This trade represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 worth $437,786 over the last three months. 1.20% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in CRUS. Caitong International Asset Management Co. Ltd increased its holdings in Cirrus Logic by 7,333.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 220 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 120 shares during the period. Coppell Advisory Solutions LLC bought a new position in Cirrus Logic during the second quarter worth about $39,000. Elevation Wealth Partners LLC increased its stake in shares of Cirrus Logic by 72.5% in the second quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 124 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of Cirrus Logic in the second quarter worth about $66,000. Hedge funds and other institutional investors 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.
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