Cirrus Logic (NASDAQ:CRUS) Shares Down 6.9% – Time to Sell?

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) were down 6.9% during trading on Wednesday . The company traded as low as $112.71 and last traded at $112.87. Approximately 98,112 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 485,561 shares. The stock had previously closed at $121.20.

Analyst Ratings Changes

A number of equities analysts have recently commented on CRUS shares. Stifel Nicolaus raised their price objective on shares of Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Barclays lowered shares of Cirrus Logic from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $140.00 to $120.00 in a research report on Thursday, October 10th. Susquehanna cut their price target on shares of Cirrus Logic from $175.00 to $160.00 and set a “positive” rating for the company in a research note on Monday, October 21st. KeyCorp boosted their price target on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Finally, StockNews.com cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $137.50.

Cirrus Logic Stock Performance

The stock’s 50-day moving average price is $128.16 and its two-hundred day moving average price is $121.36. The stock has a market capitalization of $6.18 billion, a PE ratio of 22.40 and a beta of 0.96.

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

Insider Buying and Selling at Cirrus Logic

In other news, VP Andrew Brannan sold 4,350 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total value of $591,774.00. Following the transaction, the vice president now owns 4,004 shares in the company, valued at $544,704.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, SVP Justin E. Dougherty sold 10,203 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now owns 4,838 shares in the company, valued at $637,212.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Andrew Brannan sold 4,350 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the sale, the vice president now owns 4,004 shares in the company, valued at approximately $544,704.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

A number of hedge funds have recently modified their holdings of CRUS. Vanguard Group Inc. boosted its holdings in Cirrus Logic by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock worth $588,977,000 after buying an additional 128,393 shares during the period. LSV Asset Management boosted its stake in shares of Cirrus Logic by 34.6% in the second quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock worth $241,340,000 after acquiring an additional 486,086 shares during the period. Earnest Partners LLC grew its position in shares of Cirrus Logic by 3.0% during the second quarter. Earnest Partners LLC now owns 1,358,140 shares of the semiconductor company’s stock worth $173,380,000 after purchasing an additional 39,759 shares in the last quarter. Sei Investments Co. raised its stake in Cirrus Logic by 8.6% during the 2nd quarter. Sei Investments Co. now owns 756,585 shares of the semiconductor company’s stock valued at $96,587,000 after purchasing an additional 59,690 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in Cirrus Logic by 8,183.4% in the 2nd quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company’s stock worth $84,935,000 after purchasing an additional 657,288 shares during the period. 87.96% of the stock is currently owned by institutional investors.

About Cirrus Logic

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.