Short Interest in Cirrus Logic, Inc. (NASDAQ:CRUS) Declines By 16.4%

Cirrus Logic, Inc. (NASDAQ:CRUS) was the recipient of a large decline in short interest in January. As of January 31st, there was short interest totalling 3,620,000 shares, a decline of 16.4% from the January 15th total of 4,330,000 shares. Approximately 6.3% of the company’s stock are short sold. Based on an average daily trading volume, of 729,700 shares, the days-to-cover ratio is currently 5.0 days.

A number of brokerages have recently issued reports on CRUS. TheStreet raised shares of Cirrus Logic from a “c+” rating to a “b” rating in a report on Thursday, October 31st. Craig Hallum upped their target price on shares of Cirrus Logic from $52.00 to $65.00 and gave the company a “hold” rating in a report on Thursday, January 30th. Bank of America upped their target price on shares of Cirrus Logic from $64.00 to $76.00 and gave the company an “underperform” rating in a report on Thursday, January 30th. Barclays reaffirmed a “hold” rating and issued a $65.00 target price on shares of Cirrus Logic in a report on Sunday, January 19th. Finally, Zacks Investment Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating and set a $87.00 target price on the stock. in a report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $78.70.

In other Cirrus Logic news, VP Bradley J. Fluke sold 11,000 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $78.80, for a total transaction of $866,800.00. Following the sale, the vice president now directly owns 5,120 shares of the company’s stock, valued at approximately $403,456. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jason P. Rhode sold 85,091 shares of the business’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $79.24, for a total transaction of $6,742,610.84. Following the sale, the chief executive officer now directly owns 302,999 shares in the company, valued at $24,009,640.76. The disclosure for this sale can be found here. Insiders own 2.79% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC grew its stake in Cirrus Logic by 5.8% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 170,780 shares of the semiconductor company’s stock valued at $9,150,000 after buying an additional 9,428 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in Cirrus Logic in the 3rd quarter valued at about $1,724,000. Comerica Bank grew its stake in Cirrus Logic by 42.5% in the 3rd quarter. Comerica Bank now owns 47,560 shares of the semiconductor company’s stock valued at $2,644,000 after buying an additional 14,178 shares during the last quarter. Boston Advisors LLC grew its stake in Cirrus Logic by 67.8% in the 3rd quarter. Boston Advisors LLC now owns 22,934 shares of the semiconductor company’s stock valued at $1,229,000 after buying an additional 9,264 shares during the last quarter. Finally, DNB Asset Management AS acquired a new position in Cirrus Logic in the 4th quarter valued at about $19,271,000. Institutional investors and hedge funds own 92.66% of the company’s stock.

Shares of CRUS stock traded up $0.89 on Friday, reaching $81.59. The stock had a trading volume of 777,205 shares, compared to its average volume of 784,455. The company has a quick ratio of 3.23, a current ratio of 4.01 and a debt-to-equity ratio of 0.11. The firm’s 50-day moving average is $82.28 and its two-hundred day moving average is $66.59. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of 31.62, a P/E/G ratio of 1.64 and a beta of 1.11. Cirrus Logic has a 12 month low of $37.24 and a 12 month high of $91.63.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, January 29th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.27. Cirrus Logic had a net margin of 12.52% and a return on equity of 15.06%. The company had revenue of $374.67 million for the quarter, compared to analysts’ expectations of $345.33 million. During the same period in the prior year, the firm earned $0.91 EPS. Cirrus Logic’s quarterly revenue was up 15.5% compared to the same quarter last year. On average, sell-side analysts forecast that Cirrus Logic will post 3.12 earnings per share for the current fiscal year.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

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