Cirrus Logic (NASDAQ:CRUS) Shares Gap Down to $133.17

Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price gapped down before the market opened on Monday . The stock had previously closed at $133.17, but opened at $129.00. Cirrus Logic shares last traded at $123.59, with a volume of 163,436 shares changing hands.

Wall Street Analyst Weigh In

CRUS has been the topic of several research reports. Barclays upped their target price on Cirrus Logic from $110.00 to $140.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Susquehanna lifted their target price on Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. StockNews.com lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 15th. Stifel Nicolaus boosted their price objective on shares of Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Finally, KeyCorp raised their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Cirrus Logic has an average rating of “Moderate Buy” and a consensus price target of $143.33.

Cirrus Logic Stock Performance

The company has a market capitalization of $6.64 billion, a P/E ratio of 25.20 and a beta of 0.97. The firm’s fifty day moving average is $134.67 and its 200-day moving average is $114.88.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data 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 company 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%. Cirrus Logic’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. As a group, analysts expect that Cirrus Logic, Inc. will post 5.35 EPS for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In related news, SVP Justin E. Dougherty sold 10,203 shares of the 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 sale, the senior vice president now directly owns 4,838 shares in the company, valued at $637,212.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction dated 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 owns 4,004 shares of the company’s stock, valued at $544,704.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Justin E. Dougherty sold 10,203 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the transaction, the senior vice president now owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

Several hedge funds have recently made changes to their positions in CRUS. Atlas Capital Advisors LLC increased its position in shares of Cirrus Logic by 103.0% during the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 204 shares during the period. Quadrant Capital Group LLC lifted its stake in Cirrus Logic by 72.3% in the 4th quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 214 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Cirrus Logic by 1,911.1% in the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 344 shares during the period. GAMMA Investing LLC grew its position in shares of Cirrus Logic by 79.5% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock valued at $61,000 after purchasing an additional 210 shares in the last quarter. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Cirrus Logic in the second quarter worth $77,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Company Profile

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.