Cirrus Logic, Inc. (NASDAQ:CRUS) Sees Large Decline in Short Interest

Cirrus Logic, Inc. (NASDAQ:CRUS) was the recipient of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 1,270,000 shares, a drop of 23.5% from the March 15th total of 1,660,000 shares. Based on an average trading volume of 740,900 shares, the short-interest ratio is currently 1.7 days. Approximately 2.4% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

CRUS has been the subject of a number of research analyst reports. Barclays lifted their price objective on shares of Cirrus Logic from $105.00 to $115.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Benchmark reissued a “buy” rating and set a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. Finally, Stifel Nicolaus reduced their target price on Cirrus Logic from $140.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cirrus Logic has a consensus rating of “Moderate Buy” and a consensus target price of $128.86.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock traded down $1.12 during midday trading on Monday, hitting $84.46. The company had a trading volume of 236,858 shares, compared to its average volume of 620,098. The company has a 50 day moving average of $98.66 and a 200 day moving average of $103.98. The stock has a market capitalization of $4.49 billion, a P/E ratio of 15.33 and a beta of 0.95. Cirrus Logic has a 52-week low of $75.83 and a 52-week high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. Equities research analysts forecast that Cirrus Logic will post 5.63 EPS for the current year.

Insider Transactions at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of Cirrus Logic stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total transaction of $205,100.00. Following the completion of the sale, the executive vice president now owns 8,330 shares of the company’s stock, valued at approximately $833,000. This trade represents a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.02% of the company’s stock.

Institutional Trading of Cirrus Logic

Several large investors have recently modified their holdings of the company. Castlekeep Investment Advisors LLC purchased a new stake in shares of Cirrus Logic in the 4th quarter worth $170,796,000. Allianz Asset Management GmbH grew its holdings in Cirrus Logic by 137.2% during the 4th quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company’s stock valued at $104,049,000 after buying an additional 604,431 shares in the last quarter. Norges Bank bought a new stake in Cirrus Logic in the 4th quarter valued at $58,723,000. Pacer Advisors Inc. increased its holdings in shares of Cirrus Logic by 44.0% in the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock worth $126,247,000 after purchasing an additional 387,346 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Cirrus Logic by 139.4% during the 4th quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company’s stock worth $58,427,000 after acquiring an additional 341,615 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.

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.