Cirrus Logic (NASDAQ:CRUS) Shares Gap Down - Time to Sell?

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $121.21, but opened at $117.57. Cirrus Logic shares last traded at $117.18, with a volume of 104,923 shares.

Analysts Set New Price Targets

CRUS has been the topic of a number of analyst reports. Susquehanna raised their price objective on shares of Cirrus Logic from $120.00 to $175.00 and gave the stock a "positive" rating in a research note on Wednesday, July 17th. StockNews.com downgraded shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Wednesday. Stifel Nicolaus raised their target price on Cirrus Logic from $110.00 to $165.00 and gave the company a "buy" rating in a research report on Thursday, July 18th. Barclays cut Cirrus Logic from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $140.00 to $120.00 in a report on Thursday. Finally, KeyCorp raised their price objective on Cirrus Logic from $155.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $140.00.

Cirrus Logic Stock Performance

The company has a market cap of $6.40 billion, a PE ratio of 24.59 and a beta of 0.96. The firm's 50 day moving average is $130.36 and its 200-day moving average is $118.11.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.50. The business had revenue of $374.03 million during the quarter, compared to analyst estimates of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The business's revenue was up 18.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.35 earnings per share. On average, analysts predict that Cirrus Logic, Inc. will post 5.26 EPS for the current year.

Insider Buying and Selling

In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of the company's stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the transaction, the vice president now directly owns 4,004 shares in the company, valued at $544,704.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total transaction of $591,774.00. Following the sale, the vice president now directly owns 4,004 shares in the company, valued at $544,704.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Justin E. Dougherty sold 10,203 shares of the business's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the completion of the transaction, the senior vice president now owns 4,838 shares of the company's stock, valued at approximately $637,212.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cirrus Logic

Hedge funds have recently bought and sold shares of the stock. Pacer Advisors Inc. increased its holdings in shares of Cirrus Logic by 8,183.4% in the 2nd quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company's stock valued at $84,935,000 after acquiring an additional 657,288 shares during the last quarter. Balyasny Asset Management L.P. grew its position in shares of Cirrus Logic by 307.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company's stock valued at $58,777,000 after purchasing an additional 533,019 shares during the last quarter. LSV Asset Management increased its position in Cirrus Logic by 34.6% during the 2nd quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company's stock worth $241,340,000 after purchasing an additional 486,086 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Cirrus Logic by 68.6% in the first quarter. Acadian Asset Management LLC now owns 460,681 shares of the semiconductor company's stock valued at $42,619,000 after buying an additional 187,438 shares during the last quarter. Finally, DNB Asset Management AS acquired a new position in Cirrus Logic in the 2nd quarter valued at $23,250,000. Institutional investors and hedge funds own 87.96% of the company's stock.

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.