Cirrus Logic (NASDAQ:CRUS) Shares Down 5.7% – What’s Next?

Cirrus Logic, Inc. (NASDAQ:CRUS) shares dropped 5.7% during trading on Wednesday . The stock traded as low as $117.03 and last traded at $116.0570. Approximately 122,326 shares were traded during trading, a decline of 65% from the average daily volume of 349,232 shares. The stock had previously closed at $123.06.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRUS. Stifel Nicolaus raised their target price on Cirrus Logic from $140.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Benchmark raised their price objective on Cirrus Logic from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Williams Trading set a $150.00 target price on Cirrus Logic in a research report on Wednesday, November 5th. Barclays raised their price target 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. Finally, Susquehanna lifted their price target on shares of Cirrus Logic from $140.00 to $155.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cirrus Logic currently has an average rating of “Moderate Buy” and an average target price of $141.67.

Cirrus Logic Stock Performance

The firm has a market cap of $6.21 billion, a P/E ratio of 17.30 and a beta of 1.09. The business’s fifty day moving average is $120.90 and its 200-day moving average is $116.88.

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

Insider Activity

In other news, EVP Scott Thomas sold 734 shares of the firm’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 transaction, the executive vice president directly owned 26,307 shares in the company, valued at $3,452,793.75. This trade represents a 2.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andrew Brannan sold 8,913 shares of Cirrus Logic stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $119.06, for a total value of $1,061,181.78. Following the completion of the transaction, the executive vice president directly owned 5,950 shares in the company, valued at approximately $708,407. This represents a 59.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.16% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Cirrus Logic by 4.2% during the third quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company’s stock valued at $829,724,000 after acquiring an additional 268,560 shares during the last quarter. Earnest Partners LLC lifted its stake in shares of Cirrus Logic by 0.8% in the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company’s stock valued at $168,980,000 after purchasing an additional 10,750 shares during the period. Sei Investments Co. lifted its stake in shares of Cirrus Logic by 2.2% in the 3rd quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company’s stock valued at $116,140,000 after purchasing an additional 20,381 shares during the period. Royce & Associates LP boosted its position in shares of Cirrus Logic by 5.1% during the 3rd quarter. Royce & Associates LP now owns 713,999 shares of the semiconductor company’s stock valued at $89,457,000 after purchasing an additional 34,839 shares in the last quarter. Finally, Norges Bank acquired a new stake in Cirrus Logic during the second quarter worth approximately $68,744,000. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

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.