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

Cirrus Logic, Inc. (NASDAQ:CRUS) was the target of unusually large options trading on Wednesday. Traders bought 4,004 put options on the stock. This represents an increase of approximately 618% compared to the typical daily volume of 558 put options.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Barclays downgraded Cirrus Logic from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $140.00 to $120.00 in a research report on Thursday, October 10th. KeyCorp upped their price target on Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. 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 note on Thursday, July 18th. StockNews.com cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 9th. Finally, Susquehanna cut 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. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $137.50.

Cirrus Logic Trading Down 4.0 %

NASDAQ CRUS opened at $119.10 on Thursday. The business’s 50-day moving average price is $130.05 and its 200 day moving average price is $120.30. Cirrus Logic has a twelve month low of $65.02 and a twelve month high of $147.46. The company has a market capitalization of $6.37 billion, a PE ratio of 23.70 and a beta of 0.96.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates 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%. The company’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same period last year, the business posted $0.35 EPS. Equities analysts predict that Cirrus Logic will post 5.26 EPS for the current year.

Insider Transactions at Cirrus Logic

In other news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the transaction, the vice president now owns 4,004 shares in the company, valued at $544,704.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Andrew Brannan sold 4,350 shares of the business’s 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 directly owns 4,004 shares in the company, valued at approximately $544,704.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the completion of the sale, the senior vice president now owns 4,838 shares in the company, valued at approximately $637,212.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.02% of the company’s stock.

Hedge Funds Weigh In On Cirrus Logic

A number of large investors have recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new stake in shares of Cirrus Logic during the 3rd quarter valued at about $31,000. Atlas Capital Advisors LLC grew its stake in Cirrus Logic by 103.0% during the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 204 shares in the last quarter. Versant Capital Management Inc grew its stake in Cirrus Logic by 1,911.1% during 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 in the last quarter. GAMMA Investing LLC grew its stake in 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. acquired a new stake in Cirrus Logic during the 2nd quarter valued at approximately $77,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

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.