Cirrus Logic (NASDAQ:CRUS) Stock Price Down 5.6% – Here’s Why

Cirrus Logic, Inc. (NASDAQ:CRUS) shares traded down 5.6% during trading on Friday. The stock traded as low as $106.33 and last traded at $106.8290. 115,938 shares changed hands during mid-day 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 issued reports on the stock. Barclays lowered their target price on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a report on Thursday, August 6th. Wall Street Zen cut Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Stifel Nicolaus decreased their price objective on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Weiss Ratings cut Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 2nd. Finally, KeyCorp cut their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $150.71.

Cirrus Logic Trading Down 4.7%

The firm has a market cap of $5.41 billion, a P/E ratio of 13.21 and a beta of 1.17. The stock’s fifty day moving average is $118.14 and its two-hundred day moving average is $143.02.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The firm had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. During the same quarter last year, the company posted $1.51 EPS. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, analysts forecast that Cirrus Logic, Inc. will post 7.32 EPS for the current year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction on Monday, September 21st. The shares were sold at an average price of $119.00, for a total transaction 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 approximately $1,535,933. The trade was a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 3,498 shares of company stock worth $437,786. Company insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of Cirrus Logic by 3.8% during the 3rd quarter. GAMMA Investing LLC now owns 2,742 shares of the semiconductor company’s stock valued at $329,000 after purchasing an additional 100 shares during the last quarter. Elevation Wealth Partners LLC boosted its stake in Cirrus Logic by 44.1% in the third quarter. Elevation Wealth Partners LLC now owns 425 shares of the semiconductor company’s stock worth $51,000 after buying an additional 130 shares in the last quarter. Cim Investment Management Inc. grew its position in Cirrus Logic by 7.4% during the second quarter. Cim Investment Management Inc. now owns 3,963 shares of the semiconductor company’s stock valued at $589,000 after acquiring an additional 274 shares during the last quarter. QRG Capital Management Inc. raised its stake in shares of Cirrus Logic by 7.9% during the second quarter. QRG Capital Management Inc. now owns 7,457 shares of the semiconductor company’s stock worth $1,108,000 after acquiring an additional 545 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in shares of Cirrus Logic in the 2nd quarter worth approximately $444,000. Institutional investors own 87.96% of the company’s stock.

About Cirrus Logic

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.