Short Interest in Cirrus Logic, Inc. (NASDAQ:CRUS) Grows By 40.5%

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totalling 1,630,000 shares, an increase of 40.5% from the September 15th total of 1,160,000 shares. Approximately 3.1% of the company's stock are short sold. Based on an average trading volume of 541,100 shares, the days-to-cover ratio is presently 3.0 days.

Cirrus Logic Price Performance

CRUS traded up $0.02 during trading on Friday, reaching $119.71. 294,235 shares of the stock traded hands, compared to its average volume of 482,122. The stock has a market cap of $6.39 billion, a price-to-earnings ratio of 22.13 and a beta of 0.96. The stock's 50-day simple moving average is $130.43 and its two-hundred day simple moving average is $118.72. Cirrus Logic has a fifty-two week low of $65.02 and a fifty-two week high of $147.46.

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

Analyst Upgrades and Downgrades

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

Insider Activity

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

Institutional Investors Weigh In On Cirrus Logic

A number of institutional investors have recently made changes to their positions in CRUS. Atlas Capital Advisors LLC grew its holdings in shares of Cirrus Logic by 103.0% in the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company's stock valued at $37,000 after acquiring an additional 204 shares in the last quarter. Versant Capital Management Inc grew its position in Cirrus Logic by 1,911.1% during the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company's stock worth $46,000 after buying an additional 344 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Cirrus Logic by 79.5% in the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company's stock worth $61,000 after purchasing an additional 210 shares during the period. 1620 Investment Advisors Inc. acquired a new position in shares of Cirrus Logic in the 2nd quarter valued at approximately $77,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in Cirrus Logic by 52.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company's stock valued at $123,000 after purchasing an additional 329 shares in the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

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.