Cirrus Logic (NASDAQ:CRUS) Stock Price Crosses Above Fifty Day Moving Average – Here’s What Happened

Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $114.20 and traded as high as $116.29. Cirrus Logic shares last traded at $115.99, with a volume of 1,328,161 shares traded.

Key Stories Impacting Cirrus Logic

Here are the key news stories impacting Cirrus Logic this week:

• Positive Sentiment: Fiscal Q2 adjusted earnings were $2.70 per share, above the $2.42 consensus, while revenue of about $559.5 million topped estimates of about $540.4 million. Zacks Q2 earnings report
• Positive Sentiment: Cirrus Logic unveiled a $500 million share-repurchase authorization, which could support shareholder returns. Seeking Alpha buyback and results report
• Neutral Sentiment: The company completed its acquisition of INVENTVM. The news indicates a strategic development, though the articles provided do not quantify its expected financial contribution. Seeking Alpha outlook and acquisition report
• Negative Sentiment: Fiscal Q3 revenue guidance of $510 million to $570 million was characterized as weak, likely overshadowing the Q2 beat and weighing on near-term expectations. Revenue in Q2 was also down slightly year over year, and EPS declined from $2.83 a year ago to $2.70. Yahoo Finance report on guidance

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday, October 18th. Weiss Ratings cut shares of Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Stifel Nicolaus dropped their price objective on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Zacks Research lowered Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Finally, Barclays downgraded Cirrus Logic from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $130.00 to $95.00 in a research report on Tuesday, October 20th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Cirrus Logic currently has a consensus rating of “Hold” and an average price target of $147.50.

Cirrus Logic Price Performance

The firm has a market capitalization of $5.81 billion, a PE ratio of 14.20 and a beta of 1.23. The company’s fifty day simple moving average is $114.20 and its 200 day simple moving average is $138.30.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, November 4th. The semiconductor company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.28. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The firm had revenue of $559.46 million during the quarter, compared to the consensus estimate of $540.37 million. During the same quarter last year, the company earned $2.83 earnings per share. The company’s revenue was down .2% on a year-over-year basis. On average, analysts anticipate that Cirrus Logic, Inc. will post 7.20 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total value of $125,636.50. Following the completion of the transaction, the executive vice president directly owned 11,741 shares in the company, valued at approximately $1,265,092.75. The trade was a 9.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 3,498 shares of company stock valued at $401,850. 1.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cirrus Logic

Several institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its position in Cirrus Logic by 3.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,742 shares of the semiconductor company’s stock worth $329,000 after purchasing an additional 100 shares during the period. Wedmont Private Capital boosted its position in Cirrus Logic by 6.9% during the second quarter. Wedmont Private Capital now owns 1,644 shares of the semiconductor company’s stock valued at $247,000 after buying an additional 106 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 120 shares during the last quarter. Elevation Wealth Partners LLC increased its holdings in shares of Cirrus Logic by 72.5% in the second quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company’s stock worth $44,000 after buying an additional 124 shares during the period. Finally, RHS Financial LLC increased its holdings in shares of Cirrus Logic by 6.8% in the third quarter. RHS Financial LLC now owns 1,968 shares of the semiconductor company’s stock worth $236,000 after buying an additional 125 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.