Cirrus Logic (NASDAQ:CRUS) Stock Price Crosses Above Fifty Day Moving Average – Here’s What Happened

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $114.20 and traded as high as $116.29. Cirrus Logic shares last traded at $115.99, with a volume of 1,328,161 shares trading hands.

More Cirrus Logic News

Here are the key news stories impacting Cirrus Logic this week:

• Positive Sentiment: Fiscal Q2 adjusted earnings were $2.70 per share, above the $2.42 consensus, while revenue of about $559.5 million topped estimates of about $540.4 million. Zacks Q2 earnings report
• Positive Sentiment: Cirrus Logic unveiled a $500 million share-repurchase authorization, which could support shareholder returns. Seeking Alpha buyback and results report
• Neutral Sentiment: The company completed its acquisition of INVENTVM. The news indicates a strategic development, though the articles provided do not quantify its expected financial contribution. Seeking Alpha outlook and acquisition report
• Negative Sentiment: Fiscal Q3 revenue guidance of $510 million to $570 million was characterized as weak, likely overshadowing the Q2 beat and weighing on near-term expectations. Revenue in Q2 was also down slightly year over year, and EPS declined from $2.83 a year ago to $2.70. Yahoo Finance report on guidance

Analysts Set New Price Targets

Several brokerages recently commented on CRUS. KeyCorp downgraded shares of Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 15th. Stifel Nicolaus dropped their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Susquehanna cut their price target on shares of Cirrus Logic from $200.00 to $170.00 and set a “positive” rating on the stock in a report on Wednesday, October 21st. Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Finally, Barclays downgraded shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $130.00 to $95.00 in a research note on Tuesday, October 20th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cirrus Logic presently has a consensus rating of “Hold” and an average target price of $147.50.

Cirrus Logic Stock Performance

The stock has a market capitalization of $5.81 billion, a P/E ratio of 14.20 and a beta of 1.23. The stock has a 50-day moving average price of $114.20 and a two-hundred day moving average price of $138.30.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, November 4th. The semiconductor company reported $2.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.42 by $0.28. The firm had revenue of $559.46 million for the quarter, compared to analysts’ expectations of $540.37 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The business’s revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.83 earnings per share. Equities analysts anticipate that Cirrus Logic, Inc. will post 7.20 earnings per share for the current fiscal year.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey Baumgartner sold 1,166 shares of the company’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total value of $125,636.50. Following the completion of the transaction, the executive vice president directly owned 11,741 shares in the company, valued at approximately $1,265,092.75. This represents a 9.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 3,498 shares of company stock worth $401,850. 1.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cirrus Logic

Large investors have recently modified their holdings of the stock. Coppell Advisory Solutions LLC bought a new position in Cirrus Logic in the second quarter worth about $39,000. Public Employees Retirement System of Ohio purchased a new stake in Cirrus Logic in the second quarter worth about $2,859,000. Assenagon Asset Management S.A. boosted its position in Cirrus Logic by 37.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company’s stock valued at $31,766,000 after acquiring an additional 58,446 shares in the last quarter. Bank of America Corp DE bought a new stake in Cirrus Logic during the 2nd quarter valued at approximately $168,329,000. Finally, Quantinno Capital Management LP grew its holdings in shares of Cirrus Logic by 21.1% during the 1st quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company’s stock worth $136,262,000 after acquiring an additional 163,979 shares during the period. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.