Cirrus Logic, Inc. (NASDAQ:CRUS) Sees Significant Short-Term Interest Growth
Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating) benefited from significant growth in short-term interest during the month of June. As of June 15, there was short interest totaling 1,320,000 shares, up 25.7% from the total of 1,050,000 shares as of May 31. Approximately 2.4% of the company’s shares are sold short. Based on an average daily volume of 433,100 shares, the day-to-cover ratio is currently 3.0 days.
In related news, director Alexander M. Davern sold 1,000 shares of Cirrus Logic in a trade dated Friday, May 6. The shares were sold at an average price of $79.99, for a total transaction of $79,990.00. Following the sale, the administrator now directly owns 17,575 shares of the company, valued at $1,405,824.25. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Additionally, Vice Chairman Justin E. Dougherty sold 4,039 shares of Cirrus Logic in a trade dated Tuesday, May 17. The shares were sold at an average price of $80.94, for a total transaction of $326,916.66. Following the sale, the vice president now owns 5,673 shares of the company, valued at $459,172.62. The disclosure of this sale can be found here. Insiders of the company own 0.89% of the shares of the company.
Several institutional investors and hedge funds have recently increased or reduced their stake in the company. Meritage Investment Management increased its stake in Cirrus Logic by 5.4% during the 4th quarter. Meritage Portfolio Management now owns 2,604 shares of the semiconductor company worth $240,000 after buying 134 more shares in the last quarter. The State Board of Administration of Florida Retirement System increased its position in Cirrus Logic by 0.3% during the fourth quarter. The Florida Retirement System State Board of Directors now owns 49,590 shares of the semiconductor company worth $4,563,000 after acquiring 137 additional shares in the last quarter. Signaturefd LLC increased its position in Cirrus Logic by 17.2% during the 1st quarter. Signaturefd LLC now owns 941 shares of the semiconductor company worth $80,000 after acquiring 138 additional shares in the last quarter. Cornercap Investment Counsel Inc. increased its position in Cirrus Logic by 1.1% during the 1st quarter. Cornercap Investment Counsel Inc. now owns 14,129 shares of the semiconductor company worth $1,198,000 after acquiring 150 additional shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in Cirrus Logic by 1.3% during the 1st quarter. Quantinno Capital Management LP now owns 12,082 shares of the semiconductor company worth $1,024,000 after acquiring 154 additional shares in the last quarter. 86.74% of the shares are held by institutional investors.
CRUS has been the subject of a number of reports by research analysts. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “strong-buy” rating in a Thursday, May 12 report. Stifel Nicolaus raised his price target on Cirrus Logic from $112.00 to $120.00 in a Wednesday, May 4 report. Benchmark lowered its price target on Cirrus Logic from $100.00 to $95.00 in a Wednesday May 4 research note. KeyCorp lowered its price target on Cirrus Logic from $120.00 to $105.00 in a Wednesday May 4 research note. Finally, Bank of America lowered its price target on Cirrus Logic from $85.00 to $80.00 and placed an “underperform” rating on the stock in a Wednesday, June 29 research note. One financial analyst gave the stock a sell rating, one issued a hold rating, nine gave the company a buy rating and one gave the company a high buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $104.88.
NASDAQ:CRUS traded at $2.88 in midday trading Monday, hitting $69.66. The company had a trading volume of 11,896 shares, compared to an average volume of 477,022. Cirrus Logic has a fifty-two-week low of $69.07 and a fifty-two-week high of $95.84. The company’s fifty-day moving average is $77.01 and its two-hundred-day moving average is $82.34. The company has a market capitalization of $3.89 billion, a P/E ratio of 12.62, a P/E/G ratio of 4.67 and a beta of 0.92.
Cirrus Logic Inc (NASDAQ:CRUS – Get Rating) last released quarterly earnings data on Tuesday, May 3. The semiconductor company reported earnings per share (EPS) of $1.78 for the quarter, beating analyst consensus estimates of $1.18 by $0.60. The company posted revenue of $498.97 million in the quarter, versus a consensus estimate of $420.19 million. Cirrus Logic had a return on equity of 23.52% and a net margin of 18.32%. Cirrus Logic’s quarterly revenue increased 70.0% year over year. During the same period last year, the company earned earnings per share of $0.47. As a group, research analysts expect Cirrus Logic to post earnings per share of 4.63 for the current year.
About Cirrus Logic (Get an assessment)
Cirrus Logic, Inc, a fabless semiconductor company, provides low-power, high-precision mixed-signal processing solutions in the United States and around the world. It offers portable products, including codec 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 digital signal processor; powered amplifiers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that help improve user experience with features such as louder, high-fidelity sound, audio playback, voice capture, hearing enhancement and active noise cancellation.
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