Stock Traders Buy High Volume of Cirrus Logic Put Options (NASDAQ:CRUS)

Cirrus Logic, Inc. (NASDAQ:CRUS) 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) 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

In other news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction that occurred 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 owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. 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 insiders.

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.

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.