Cirrus Logic, Inc. (NASDAQ:CRUS) Sees Large Growth in Short Interest

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) was the recipient of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 2,210,000 shares, a growth of 12.8% from the October 15th total of 1,960,000 shares. Based on an average daily volume of 609,400 shares, the days-to-cover ratio is currently 3.6 days. Currently, 4.2% of the shares of the company are sold short.

Cirrus Logic Stock Performance

CRUS traded up $0.39 during midday trading on Monday, reaching $101.06. 775,793 shares of the company were exchanged, compared to its average volume of 517,186. Cirrus Logic has a one year low of $74.80 and a one year high of $147.46. The stock has a market capitalization of $5.37 billion, a P/E ratio of 17.13 and a beta of 0.96. The stock's 50-day simple moving average is $118.20 and its 200 day simple moving average is $123.26.

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

Institutional Investors Weigh In On Cirrus Logic

A number of hedge funds have recently modified their holdings of the business. Huntington National Bank raised its position in Cirrus Logic by 10,500.0% in the 3rd quarter. Huntington National Bank now owns 212 shares of the semiconductor company's stock valued at $26,000 after buying an additional 210 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Cirrus Logic by 98.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company's stock valued at $30,000 after buying an additional 120 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in Cirrus Logic in the 3rd quarter valued at approximately $31,000. Versant Capital Management Inc raised its position in Cirrus Logic by 1,911.1% in the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company's stock valued at $46,000 after buying an additional 344 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Cirrus Logic by 79.5% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company's stock valued at $61,000 after buying an additional 210 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on CRUS shares. Stifel Nicolaus dropped their price objective on Cirrus Logic from $165.00 to $140.00 and set a "buy" rating for the company in a research note on Tuesday, November 5th. Susquehanna increased their price objective on Cirrus Logic from $135.00 to $140.00 and gave the stock a "positive" rating in a research note on Monday. Loop Capital initiated coverage on Cirrus Logic in a research note on Tuesday, November 12th. They set a "buy" rating and a $130.00 price objective for the company. KeyCorp increased their price objective on Cirrus Logic from $155.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 7th. Finally, StockNews.com cut Cirrus Logic from a "buy" rating to a "hold" rating in a report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, Cirrus Logic presently has an average rating of "Moderate Buy" and a consensus price target of $132.50.

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.