Cirrus Logic, Inc. (NASDAQ:CRUS) Sees Significant Increase in Short Interest

Cirrus Logic, Inc. (NASDAQ:CRUS) was the target of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 2,210,000 shares, an increase of 12.8% from the October 15th total of 1,960,000 shares. Approximately 4.2% of the shares of the company are short sold. Based on an average daily trading volume, of 609,400 shares, the short-interest ratio is presently 3.6 days.

Cirrus Logic Trading Up 0.1 %

Shares of Cirrus Logic stock traded up $0.15 during midday trading on Monday, reaching $100.82. The company had a trading volume of 97,977 shares, compared to its average volume of 514,146. The stock has a fifty day simple moving average of $118.87 and a 200 day simple moving average of $123.15. Cirrus Logic has a 1-year low of $74.80 and a 1-year high of $147.46. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 17.06 and a beta of 0.96.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Monday, November 4th. The semiconductor company reported $2.25 EPS for the quarter, beating the consensus estimate of $2.02 by $0.23. The company had revenue of $541.90 million during the quarter, compared to analysts’ expectations of $520.53 million. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period last year, the firm earned $1.43 EPS. Sell-side analysts expect that Cirrus Logic will post 5.21 earnings per share for the current year.

Institutional Trading of Cirrus Logic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Cirrus Logic by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock valued at $588,977,000 after purchasing an additional 128,393 shares during the last quarter. FMR LLC boosted its stake in Cirrus Logic by 6.3% in the third quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company’s stock valued at $456,862,000 after acquiring an additional 217,404 shares during the last quarter. LSV Asset Management boosted its stake in Cirrus Logic by 34.6% in the second quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock valued at $241,340,000 after acquiring an additional 486,086 shares during the last quarter. Earnest Partners LLC grew its holdings in Cirrus Logic by 3.0% during the 2nd quarter. Earnest Partners LLC now owns 1,358,140 shares of the semiconductor company’s stock worth $173,380,000 after acquiring an additional 39,759 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Cirrus Logic by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company’s stock valued at $141,414,000 after acquiring an additional 50,582 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRUS has been the topic of a number of research analyst reports. KeyCorp raised their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Loop Capital initiated coverage on Cirrus Logic in a research report on Tuesday, November 12th. They set a “buy” rating and a $130.00 price objective for the company. Stifel Nicolaus cut their price objective on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Barclays cut their price objective on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 5th. Finally, Susquehanna increased their target price on Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a report on Monday. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $132.50.

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.