Cirrus Logic Target of Unusually Large Options Trading (NASDAQ:CRUS)

Cirrus Logic, Inc. (NASDAQ:CRUS) was the recipient of some unusual options trading on Wednesday. Stock traders acquired 4,004 put options on the stock. This is an increase of approximately 618% compared to the typical daily volume of 558 put options.

Cirrus Logic Trading Down 1.9 %

Shares of Cirrus Logic stock traded down $2.36 during trading on Wednesday, reaching $121.71. The company’s stock had a trading volume of 36,011 shares, compared to its average volume of 482,554. The company has a 50-day moving average price of $130.05 and a two-hundred day moving average price of $120.30. Cirrus Logic has a fifty-two week low of $65.02 and a fifty-two week high of $147.46. The firm has a market cap of $6.51 billion, a PE ratio of 25.17 and a beta of 0.96.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.50. The business had revenue of $374.03 million during the quarter, compared to analysts’ expectations of $318.41 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The company’s revenue was up 18.0% on a year-over-year basis. During the same period last year, the company posted $0.35 EPS. On average, analysts predict that Cirrus Logic will post 5.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Susquehanna cut their target price on shares of Cirrus Logic from $175.00 to $160.00 and set a “positive” rating for the company in a research report on Monday. Barclays downgraded shares of Cirrus Logic from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $140.00 to $120.00 in a report on Thursday, October 10th. StockNews.com downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 9th. Stifel Nicolaus increased their price target on shares of Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, KeyCorp raised their price objective on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Cirrus Logic has a consensus rating of “Moderate Buy” and a consensus target price of $137.50.

Insider Buying and Selling at Cirrus Logic

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

Institutional Trading of Cirrus Logic

Large investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new stake in shares of Cirrus Logic in the 3rd quarter worth about $31,000. Atlas Capital Advisors LLC boosted its stake in Cirrus Logic by 103.0% in the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 204 shares during the period. Versant Capital Management Inc grew its holdings in shares of Cirrus Logic by 1,911.1% during the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock valued at $46,000 after buying an additional 344 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Cirrus Logic by 79.5% in 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 during the period. Finally, 1620 Investment Advisors Inc. acquired a new stake in shares of Cirrus Logic during the 2nd quarter valued at $77,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Cirrus Logic Company Profile

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.