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

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

Analyst Ratings Changes

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

Cirrus Logic Trading Down 4.5 %

The stock’s 50-day moving average is $128.16 and its 200-day moving average is $121.36. The firm has a market capitalization of $6.18 billion, a price-to-earnings ratio of 22.40 and a beta of 0.96.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (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 firm had revenue of $374.03 million during the quarter, compared to analysts’ expectations of $318.41 million. During the same period in the prior year, the company posted $0.35 EPS. The company’s revenue was up 18.0% on a year-over-year basis. On average, equities research analysts anticipate that Cirrus Logic, Inc. will post 5.26 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Justin E. Dougherty sold 10,203 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the transaction, the senior vice president now directly owns 4,838 shares of the company’s stock, valued at $637,212.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cirrus Logic news, SVP Justin E. Dougherty sold 10,203 shares of the firm’s stock in a transaction 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 directly owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Andrew Brannan sold 4,350 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total transaction of $591,774.00. Following the completion of the transaction, the vice president now directly owns 4,004 shares in the company, valued at $544,704.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.02% of the stock is owned by insiders.

Institutional Trading of Cirrus Logic

A number of large investors have recently added to or reduced their stakes in CRUS. Nisa Investment Advisors LLC increased its holdings in Cirrus Logic by 98.4% during the third quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock worth $30,000 after buying an additional 120 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Cirrus Logic during the third quarter worth about $31,000. Versant Capital Management Inc boosted its position in Cirrus Logic by 1,911.1% during the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock worth $46,000 after purchasing an additional 344 shares during the period. GAMMA Investing LLC boosted its position in Cirrus Logic by 79.5% during the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock worth $61,000 after purchasing an additional 210 shares during the period. Finally, 1620 Investment Advisors Inc. bought a new position in Cirrus Logic during the second quarter worth about $77,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.

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.