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

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

Analysts Set New Price Targets

A number of analysts have issued reports on CRUS shares. Susquehanna boosted 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. Barclays upped their target price on shares of Cirrus Logic from $90.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Benchmark raised their price target on shares of Cirrus Logic from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Zacks Research raised Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 27th. Finally, Williams Trading set a $150.00 target price on Cirrus Logic in a report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Cirrus Logic presently has an average rating of “Moderate Buy” and a consensus price target of $141.67.

Cirrus Logic Trading Down 3.7%

The firm has a market capitalization of $6.05 billion, a price-to-earnings ratio of 16.81 and a beta of 1.09. The stock’s fifty day moving average price is $121.33 and its two-hundred day moving average price is $116.82.

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

Insider Buying and Selling at Cirrus Logic

In other news, EVP Andrew Brannan sold 8,913 shares of the company’s stock in a transaction on Friday, November 14th. The shares were 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 owned 5,950 shares in the company, valued at approximately $708,407. This represents a 59.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Thomas sold 734 shares of Cirrus Logic stock in a transaction on Monday, October 20th. The stock was sold at an average price of $131.25, for a total transaction of $96,337.50. Following the sale, the executive vice president owned 26,307 shares in the company, valued at $3,452,793.75. This represents a 2.71% 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.

Institutional Investors Weigh In On Cirrus Logic

Several large investors have recently modified their holdings of CRUS. Inspire Investing LLC boosted its position in shares of Cirrus Logic by 186.9% in the 3rd quarter. Inspire Investing LLC now owns 13,241 shares of the semiconductor company’s stock worth $1,659,000 after buying an additional 8,625 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in Cirrus Logic during the 2nd quarter valued at about $270,000. Campbell & CO Investment Adviser LLC raised its position in Cirrus Logic by 852.1% during the second quarter. Campbell & CO Investment Adviser LLC now owns 22,242 shares of the semiconductor company’s stock worth $2,319,000 after acquiring an additional 19,906 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Cirrus Logic by 72.2% in the second quarter. Robeco Institutional Asset Management B.V. now owns 298,512 shares of the semiconductor company’s stock valued at $31,121,000 after purchasing an additional 125,207 shares in the last quarter. Finally, Aviva PLC lifted its holdings in shares of Cirrus Logic by 42.4% in the second quarter. Aviva PLC now owns 8,291 shares of the semiconductor company’s stock valued at $864,000 after purchasing an additional 2,467 shares in the last quarter. 87.96% of the stock is 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.