Cirrus Logic (NASDAQ:CRUS) Stock Price Down 6.9% - Time to Sell?

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) traded down 6.9% during trading on Wednesday . The stock traded as low as $112.71 and last traded at $112.87. 98,112 shares were traded during mid-day trading, a decline of 80% from the average session volume of 485,561 shares. The stock had previously closed at $121.20.

Analysts Set New Price Targets

Several brokerages have issued reports on CRUS. Susquehanna lowered their price objective on shares of Cirrus Logic from $175.00 to $160.00 and set a "positive" rating on the stock in a research report on Monday, October 21st. Barclays downgraded Cirrus Logic from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $140.00 to $120.00 in a research note on Thursday, October 10th. Stifel Nicolaus lifted their target price on Cirrus Logic from $110.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, July 18th. StockNews.com cut Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, October 9th. Finally, KeyCorp boosted 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. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.50.

Cirrus Logic Stock Performance

The stock's fifty day moving average price is $127.59 and its 200-day moving average price is $121.31. The firm has a market cap of $6.10 billion, a PE ratio of 21.11 and a beta of 0.96.

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 company had revenue of $374.03 million during the quarter, compared to the consensus estimate of $318.41 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The company's revenue for the quarter was up 18.0% on a year-over-year basis. During the same period last year, the firm earned $0.35 EPS. Sell-side analysts forecast that Cirrus Logic, Inc. will post 5.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic 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 completion of the transaction, the vice president now owns 4,004 shares of the company's stock, valued at $544,704.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, 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 value of $1,343,837.13. Following the completion of the transaction, the senior vice president now directly owns 4,838 shares of the company's stock, valued at $637,212.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Andrew Brannan sold 4,350 shares of the stock in a transaction 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 sale, the vice president now directly owns 4,004 shares in the company, valued at approximately $544,704.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRUS. Nisa Investment Advisors LLC raised its position in shares of Cirrus Logic by 98.4% in the third 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 purchased a new position in shares of Cirrus Logic during the 3rd quarter worth $31,000. Versant Capital Management Inc lifted its stake in shares of Cirrus Logic by 1,911.1% during the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company's stock worth $46,000 after purchasing an additional 344 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Cirrus Logic by 79.5% during 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 last quarter. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of Cirrus Logic in the second quarter valued at $77,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

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.