Cirrus Logic (NASDAQ:CRUS) Stock Price Down 5%

Cirrus Logic, Inc. (NASDAQ:CRUS) traded down 5% during mid-day trading on Thursday . The company traded as low as $73.87 and last traded at $74.09. 1,444,356 shares changed hands during trading, an increase of 98% from the average session volume of 727,947 shares. The stock had previously closed at $78.00.

Several equities research analysts have recently commented on CRUS shares. Barclays boosted their target price on shares of Cirrus Logic from $70.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, January 8th. Colliers Securities restated a “buy” rating on shares of Cirrus Logic in a report on Thursday, January 28th. Susquehanna Bancshares reissued a “buy” rating and issued a $115.00 price target on shares of Cirrus Logic in a research report on Tuesday, February 2nd. Susquehanna restated a “buy” rating and set a $115.00 price objective on shares of Cirrus Logic in a research note on Tuesday, February 2nd. Finally, Benchmark upped their target price on shares of Cirrus Logic from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, February 2nd. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Cirrus Logic currently has an average rating of “Buy” and a consensus target price of $97.30.

The business’s fifty day moving average is $90.38 and its 200 day moving average is $76.52. The company has a market cap of $4.50 billion, a P/E ratio of 29.97, a PEG ratio of 3.77 and a beta of 0.88.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Sunday, January 31st. The semiconductor company reported $2.13 EPS for the quarter, beating analysts’ consensus estimates of $1.86 by $0.27. Cirrus Logic had a return on equity of 14.92% and a net margin of 12.57%. During the same quarter in the previous year, the firm posted $1.41 EPS. Equities research analysts expect that Cirrus Logic, Inc. will post 3.53 earnings per share for the current fiscal year.

Cirrus Logic announced that its Board of Directors has initiated a share repurchase plan on Monday, February 1st that allows the company to buyback $350.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, Director John C. Carter sold 625 shares of the firm’s stock in a transaction that occurred on Wednesday, February 3rd. The shares were sold at an average price of $89.97, for a total value of $56,231.25. Following the completion of the transaction, the director now directly owns 14,406 shares in the company, valued at $1,296,107.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John Forsyth sold 2,489 shares of the business’s stock in a transaction that occurred on Wednesday, January 6th. The shares were sold at an average price of $89.00, for a total transaction of $221,521.00. Following the transaction, the chief executive officer now directly owns 4,541 shares of the company’s stock, valued at approximately $404,149. The disclosure for this sale can be found here. Corporate insiders own 1.83% of the company’s stock.

A number of large investors have recently bought and sold shares of CRUS. Norges Bank purchased a new stake in shares of Cirrus Logic in the 4th quarter valued at about $65,413,000. Hood River Capital Management LLC bought a new stake in shares of Cirrus Logic during the 4th quarter worth $39,404,000. Rothschild & Co. Asset Management US Inc. purchased a new stake in Cirrus Logic during the third quarter valued at about $29,096,000. Jupiter Asset Management Ltd. purchased a new position in shares of Cirrus Logic in the 3rd quarter worth about $25,537,000. Finally, Morgan Stanley increased its position in shares of Cirrus Logic by 803.7% during the 4th quarter. Morgan Stanley now owns 367,200 shares of the semiconductor company’s stock valued at $30,184,000 after purchasing an additional 326,565 shares during the last quarter. 84.24% of the stock is owned by institutional investors.

About Cirrus Logic (NASDAQ:CRUS)

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) in the United States and internationally. It offers portable products, including codecs-chips that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; haptic drivers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that offer enhanced voice quality, voice capture, and audio playback features.

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