Cirrus Logic (NASDAQ:CRUS) Shares Up 4.5% – Here’s Why

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) rose 4.5% during trading on Thursday . The stock traded as high as $115.89 and last traded at $115.72. Approximately 369,032 shares were traded during trading, a decline of 45% from the average session volume of 675,177 shares. The stock had previously closed at $110.72.

Analyst Ratings Changes

Several research firms have issued reports on CRUS. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Zacks Research cut Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Wall Street Zen lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Barclays decreased their price target on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a research report 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 company. According to MarketBeat.com, Cirrus Logic has a consensus rating of “Hold” and a consensus target price of $150.71.

Cirrus Logic Stock Up 2.0%

The firm has a market capitalization of $5.95 billion, a PE ratio of 14.54 and a beta of 1.16. The business’s 50-day moving average price is $126.11 and its 200-day moving average price is $145.42.

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

Insider Buying and Selling at Cirrus Logic

In other news, EVP Jeffrey Baumgartner sold 1,458 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $145.97, for a total transaction of $212,824.26. Following the transaction, the executive vice president directly owned 16,405 shares in the company, valued at $2,394,637.85. The trade was a 8.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the company’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the completion of the transaction, the executive vice president directly owned 7,203 shares in the company, valued at $1,042,346.13. This trade represents a 47.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 11,424 shares of company stock worth $1,644,091. 1.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC grew its stake in shares of Cirrus Logic by 6.2% in the 4th quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock valued at $162,000 after buying an additional 80 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in Cirrus Logic by 29.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 88 shares in the last quarter. EP Wealth Advisors LLC raised its position in Cirrus Logic by 1.7% during the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock valued at $598,000 after acquiring an additional 95 shares in the last quarter. Diversified Trust Co lifted its stake in Cirrus Logic by 1.1% in the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock valued at $1,316,000 after acquiring an additional 102 shares during the last quarter. Finally, Wedmont Private Capital lifted its position in shares of Cirrus Logic by 6.9% in the second quarter. Wedmont Private Capital now owns 1,644 shares of the semiconductor company’s stock worth $247,000 after buying an additional 106 shares during the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Company Profile

Cirrus Logic, Inc (NASDAQ: CRUS) is a fabless semiconductor company that develops high-performance, low-power integrated circuits and related software. Its products are designed to process audio and other mixed-signal information in electronic devices, helping manufacturers deliver high-quality sound, efficient power management and responsive user experiences.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, smart codecs, haptic-control solutions and other mixed-signal components.