Cirrus Logic, Inc. (NASDAQ:CRUS – Get Free Report) was the recipient of some unusual options trading on Wednesday. Stock investors acquired 4,004 put options on the company. This represents an increase of approximately 618% compared to the average daily volume of 558 put options.
Cirrus Logic Price Performance
Shares of Cirrus Logic stock opened at $119.10 on Thursday. The business’s fifty day moving average price is $130.05 and its two-hundred day moving average price is $120.30. The company has a market capitalization of $6.37 billion, a P/E ratio of 23.70 and a beta of 0.96. Cirrus Logic has a 1-year low of $65.02 and a 1-year high of $147.46.
Cirrus Logic (NASDAQ:CRUS – Get Free Report) last announced its earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.50. The firm had revenue of $374.03 million for the quarter, compared to the consensus estimate of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The firm’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 EPS. On average, research analysts expect that Cirrus Logic will post 5.26 earnings per share for the current fiscal year.
Insider Buying and Selling at Cirrus Logic
Institutional Trading of Cirrus Logic
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Cirrus Logic by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock worth $588,977,000 after acquiring an additional 128,393 shares during the last quarter. LSV Asset Management grew its holdings in shares of Cirrus Logic by 34.6% in the 2nd quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock worth $241,340,000 after acquiring an additional 486,086 shares during the last quarter. Earnest Partners LLC grew its holdings in shares of Cirrus Logic by 3.0% in the 2nd quarter. Earnest Partners LLC now owns 1,358,140 shares of the semiconductor company’s stock worth $173,380,000 after acquiring an additional 39,759 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Cirrus Logic by 8.6% in the 2nd quarter. Sei Investments Co. now owns 756,585 shares of the semiconductor company’s stock worth $96,587,000 after acquiring an additional 59,690 shares during the last quarter. Finally, Pacer Advisors Inc. grew 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 worth $84,935,000 after acquiring an additional 657,288 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on CRUS shares. StockNews.com lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 9th. Barclays lowered 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 report on Thursday, October 10th. Susquehanna reduced their price objective on Cirrus Logic from $175.00 to $160.00 and set a “positive” rating for the company in a research report on Monday. Stifel Nicolaus boosted their price objective on Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, KeyCorp boosted their price objective on Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Cirrus Logic has a consensus rating of “Moderate Buy” and a consensus price target of $137.50.
Read Our Latest Stock Analysis on Cirrus Logic
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.
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