Cirrus Logic (NASDAQ:CRUS) Trading Down 5.9% – Time to Sell?

Cirrus Logic, Inc. (NASDAQ:CRUS) shares fell 5.9% during mid-day trading on Tuesday . The company traded as low as $137.72 and last traded at $137.8850. 494,027 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 630,916 shares. The stock had previously closed at $146.51.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRUS. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research note on Thursday, May 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Zacks Research lowered shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Finally, KeyCorp decreased their price objective on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a report on Tuesday. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Cirrus Logic has a consensus rating of “Moderate Buy” and an average price target of $160.29.

Cirrus Logic Stock Down 6.0%

The stock’s 50-day simple moving average is $161.96 and its 200 day simple moving average is $147.52. The company has a market cap of $6.95 billion, a price-to-earnings ratio of 17.65 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The business had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.25 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period last year, the business earned $1.67 earnings per share. On average, sell-side analysts expect that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Insider Activity

In related news, CEO John Forsyth sold 5,000 shares of Cirrus Logic stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.41, for a total value of $852,050.00. Following the completion of the sale, the chief executive officer owned 70,016 shares in the company, valued at approximately $11,931,426.56. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Scott Thomas sold 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total value of $234,052.00. Following the completion of the sale, the executive vice president directly owned 31,048 shares in the company, valued at approximately $5,589,881.92. The trade was a 4.02% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 22,299 shares of company stock worth $3,581,647 in the last three months. 1.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd grew its position in Cirrus Logic by 7,333.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 220 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Cirrus Logic by 120.0% in the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 120 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in Cirrus Logic during the 4th quarter worth approximately $33,000. Torren Management LLC purchased a new stake in Cirrus Logic during the 4th quarter worth approximately $35,000. Finally, Kestra Advisory Services LLC acquired a new stake in Cirrus Logic during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.