Cirrus Logic, Inc. (NASDAQ:CRUS) Short Interest Up 9.4% in April

Cirrus Logic, Inc. (NASDAQ:CRUS) saw a large increase in short interest in the month of April. As of April 15th, there was short interest totalling 785,800 shares, an increase of 9.4% from the March 31st total of 718,100 shares. Currently, 1.5% of the shares of the company are sold short. Based on an average daily volume of 434,600 shares, the days-to-cover ratio is presently 1.8 days.

Cirrus Logic Stock Down 1.6 %

CRUS traded down $1.47 on Tuesday, hitting $88.83. The company had a trading volume of 57,807 shares, compared to its average volume of 404,998. The company has a market cap of $4.79 billion, a PE ratio of 28.67 and a beta of 1.00. Cirrus Logic has a 12-month low of $65.02 and a 12-month high of $95.87. The business’s fifty day simple moving average is $90.01 and its 200 day simple moving average is $82.40.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $2.53 EPS for the quarter, topping the consensus estimate of $1.70 by $0.83. The company had revenue of $618.98 million during the quarter, compared to analyst estimates of $539.55 million. Cirrus Logic had a return on equity of 16.13% and a net margin of 9.84%. On average, analysts anticipate that Cirrus Logic will post 4.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. TD Cowen increased their price target on Cirrus Logic from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. TheStreet upgraded Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. StockNews.com lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 20th. Stifel Nicolaus raised their price objective on Cirrus Logic from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Finally, Susquehanna raised their price objective on Cirrus Logic from $85.00 to $100.00 and gave the company a “positive” rating in a research report on Wednesday, February 7th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Cirrus Logic presently has an average rating of “Buy” and an average target price of $96.43.

Insider Buying and Selling

In related news, SVP Justin E. Dougherty sold 3,280 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total value of $299,792.00. Following the transaction, the senior vice president now directly owns 6,000 shares of the company’s stock, valued at approximately $548,400. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cirrus Logic news, CFO Venkatesh Nathamuni sold 1,000 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. Following the completion of the sale, the chief financial officer now owns 1,587 shares in the company, valued at approximately $150,765. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Justin E. Dougherty sold 3,280 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total value of $299,792.00. Following the completion of the sale, the senior vice president now owns 6,000 shares of the company’s stock, valued at approximately $548,400. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,530 shares of company stock valued at $700,292. 0.89% of the stock is owned by company insiders.

Institutional Trading of Cirrus Logic

Several institutional investors have recently added to or reduced their stakes in CRUS. Norges Bank bought a new stake in Cirrus Logic in the fourth quarter worth about $51,890,000. Balyasny Asset Management L.P. lifted its stake in Cirrus Logic by 307.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock worth $58,777,000 after purchasing an additional 533,019 shares during the last quarter. FMR LLC lifted its stake in Cirrus Logic by 4.5% in the third quarter. FMR LLC now owns 7,552,630 shares of the semiconductor company’s stock worth $558,593,000 after purchasing an additional 327,269 shares during the last quarter. Kodai Capital Management LP bought a new stake in Cirrus Logic in the fourth quarter worth about $27,072,000. Finally, Kettle Hill Capital Management LLC bought a new stake in shares of Cirrus Logic during the third quarter valued at approximately $14,442,000. Institutional investors own 87.96% of the company’s stock.

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 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 digital signal processing; boosted amplifiers; 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.