Cirrus Logic, Inc. (NASDAQ:CRUS) Sees Significant Decline in Short Interest

Cirrus Logic, Inc. (NASDAQ:CRUS) saw a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 1,270,000 shares, a decline of 23.5% from the March 15th total of 1,660,000 shares. Approximately 2.4% of the company’s shares are short sold. Based on an average daily volume of 740,900 shares, the days-to-cover ratio is currently 1.7 days.

Cirrus Logic Stock Down 1.3 %

CRUS stock traded down $1.12 during midday trading on Monday, reaching $84.46. 236,858 shares of the company’s stock traded hands, compared to its average volume of 620,098. The firm’s fifty day moving average price is $98.66 and its 200-day moving average price is $103.98. Cirrus Logic has a 52 week low of $75.83 and a 52 week high of $147.46. The company has a market cap of $4.49 billion, a price-to-earnings ratio of 15.33 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. Analysts forecast that Cirrus Logic will post 5.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CRUS. Stifel Nicolaus dropped their target price on shares of Cirrus Logic from $140.00 to $112.00 and set a “buy” rating on the stock in a report on Thursday. Barclays boosted their price objective on Cirrus Logic from $105.00 to $115.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Benchmark reissued a “buy” rating and issued a $125.00 price target on shares of Cirrus Logic in a research note on Wednesday, March 19th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $128.86.

Insider Buying and Selling

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total value of $205,100.00. Following the sale, the executive vice president now directly owns 8,330 shares in the company, valued at $833,000. This represents a 19.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds have recently bought and sold shares of the company. Kohmann Bosshard Financial Services LLC bought a new stake in Cirrus Logic in the 4th quarter worth about $28,000. Westside Investment Management Inc. purchased a new position in shares of Cirrus Logic in the 3rd quarter worth approximately $35,000. Headlands Technologies LLC purchased a new stake in shares of Cirrus Logic during the fourth quarter valued at approximately $39,000. Sound Income Strategies LLC purchased a new stake in shares of Cirrus Logic during the 4th quarter valued at $46,000. Finally, R Squared Ltd purchased a new stake in Cirrus Logic during the fourth quarter worth about $47,000. 87.96% of the stock is owned by hedge funds and other 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.