Cirrus Logic (NASDAQ:CRUS) Reaches New 52-Week Low – Here’s What Happened

Cirrus Logic, Inc. (NASDAQ:CRUS) shares hit a new 52-week low on Monday. The stock traded as low as $105.77 and last traded at $106.4260, with a volume of 426,120 shares trading hands. The stock had previously closed at $106.87.

Analysts Set New Price Targets

Several research firms have commented on CRUS. Weiss Ratings downgraded shares of Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 2nd. Stifel Nicolaus reduced their target price on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Barclays dropped their price target on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 6th. Wall Street Zen raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Zacks Research lowered shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Cirrus Logic has an average rating of “Hold” and an average target price of $150.71.

Cirrus Logic Stock Up 0.4%

The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of 13.23 and a beta of 1.17. The stock’s 50-day simple moving average is $116.76 and its 200 day simple moving average is $142.30.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, topping the consensus estimate of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The company had revenue of $459.72 million for the quarter, compared to analysts’ expectations of $460.32 million. During the same quarter in the prior year, the business earned $1.51 earnings per share. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. As a group, equities research analysts anticipate that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Jeffrey Baumgartner sold 1,166 shares of the firm’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $119.00, for a total transaction of $138,754.00. Following the sale, the executive vice president owned 12,907 shares of the company’s stock, valued at $1,535,933. This trade represents a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 3,498 shares of company stock valued at $437,786 over the last ninety days. 1.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cirrus Logic

A number of large investors have recently bought and sold shares of CRUS. BlackRock Inc. purchased a new stake in Cirrus Logic in the second quarter worth $840,638,000. Dimensional Fund Advisors LP raised its stake in Cirrus Logic by 6.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock worth $192,055,000 after buying an additional 83,897 shares in the last quarter. Bank of America Corp DE purchased a new stake in Cirrus Logic in the second quarter worth about $168,329,000. Quantinno Capital Management LP boosted its position in Cirrus Logic by 21.1% during the 1st quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company’s stock valued at $136,262,000 after acquiring an additional 163,979 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Cirrus Logic by 34.3% in the 1st quarter. First Trust Advisors LP now owns 473,721 shares of the semiconductor company’s stock valued at $68,509,000 after purchasing an additional 120,935 shares during the period. Institutional investors and hedge funds 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.