Short Interest in Cirrus Logic, Inc. (NASDAQ:CRUS) Declines By 10.1%

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) saw a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 1,950,000 shares, a decrease of 10.1% from the November 15th total of 2,170,000 shares. Based on an average daily trading volume, of 678,100 shares, the short-interest ratio is currently 2.9 days. Currently, 3.7% of the company's stock are short sold.

Hedge Funds Weigh In On Cirrus Logic

Large investors have recently made changes to their positions in the company. Franklin Resources Inc. increased its holdings in Cirrus Logic by 60.1% in the third quarter. Franklin Resources Inc. now owns 167,258 shares of the semiconductor company's stock valued at $20,625,000 after buying an additional 62,757 shares in the last quarter. Tidal Investments LLC increased its stake in shares of Cirrus Logic by 118.7% in the 3rd quarter. Tidal Investments LLC now owns 14,767 shares of the semiconductor company's stock valued at $1,834,000 after purchasing an additional 8,016 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in Cirrus Logic by 50.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 11,850 shares of the semiconductor company's stock worth $1,472,000 after purchasing an additional 3,948 shares during the period. Westside Investment Management Inc. purchased a new position in Cirrus Logic during the third quarter worth approximately $35,000. Finally, Virtu Financial LLC acquired a new stake in Cirrus Logic in the third quarter valued at approximately $941,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Loop Capital began coverage on Cirrus Logic in a research report on Tuesday, November 12th. They set a "buy" rating and a $130.00 price target on the stock. Susquehanna increased their price objective on shares of Cirrus Logic from $135.00 to $140.00 and gave the company a "positive" rating in a research report on Monday, November 18th. Barclays dropped their target price on shares of Cirrus Logic from $120.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Tuesday, November 5th. StockNews.com raised shares of Cirrus Logic from a "hold" rating to a "buy" rating in a report on Tuesday, December 3rd. Finally, Stifel Nicolaus dropped their price target on Cirrus Logic from $165.00 to $140.00 and set a "buy" rating on the stock in a research note on Tuesday, November 5th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $132.50.

Cirrus Logic Trading Down 2.2 %

Shares of NASDAQ CRUS traded down $2.32 during trading on Tuesday, reaching $103.31. 704,051 shares of the company traded hands, compared to its average volume of 523,549. The stock has a market cap of $5.49 billion, a P/E ratio of 17.51 and a beta of 0.93. The firm's fifty day simple moving average is $110.22 and its 200 day simple moving average is $122.73. Cirrus Logic has a 12-month low of $75.92 and a 12-month high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.23. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The company had revenue of $541.90 million during the quarter, compared to analysts' expectations of $520.53 million. During the same period last year, the business earned $1.43 earnings per share. Cirrus Logic's quarterly revenue was up 12.6% on a year-over-year basis. As a group, research analysts expect that Cirrus Logic will post 5.21 EPS for the current year.

Cirrus Logic Company Profile

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.