Cirrus Logic (NASDAQ:CRUS) Shares Gap Up on Strong Earnings

Cirrus Logic, Inc. (NASDAQ:CRUS) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $115.31, but opened at $130.15. Cirrus Logic shares last traded at $121.47, with a volume of 146,804 shares.

The semiconductor company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.50. The firm had revenue of $374.03 million for the quarter, compared to the consensus estimate of $318.41 million. Cirrus Logic had a return on equity of 16.49% and a net margin of 15.35%. The company’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 earnings per share.

Analysts Set New Price Targets

CRUS has been the subject of a number of recent research reports. Susquehanna lifted their price objective on Cirrus Logic from $120.00 to $175.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. Benchmark lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. Barclays lifted their price objective on Cirrus Logic from $95.00 to $110.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. KeyCorp lifted their price objective on Cirrus Logic from $120.00 to $155.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Finally, TD Cowen lifted their price objective on Cirrus Logic from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Cirrus Logic presently has an average rating of “Moderate Buy” and a consensus target price of $136.67.

Insider Transactions at Cirrus Logic

In other news, SVP Justin E. Dougherty sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $107.85, for a total transaction of $431,400.00. Following the transaction, the senior vice president now directly owns 5,838 shares in the company, valued at approximately $629,628.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $115.85, for a total value of $115,850.00. Following the completion of the transaction, the director now directly owns 19,332 shares in the company, valued at $2,239,612.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Justin E. Dougherty sold 4,000 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $107.85, for a total value of $431,400.00. Following the completion of the transaction, the senior vice president now owns 5,838 shares of the company’s stock, valued at $629,628.30. The disclosure for this sale can be found here. Insiders have sold a total of 18,706 shares of company stock worth $2,187,098 in the last ninety days. Insiders own 1.02% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CRUS. SG Americas Securities LLC purchased a new position in shares of Cirrus Logic during the fourth quarter worth $173,000. Allworth Financial LP raised its stake in shares of Cirrus Logic by 2.9% in the fourth quarter. Allworth Financial LP now owns 7,496 shares of the semiconductor company’s stock valued at $624,000 after acquiring an additional 213 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Cirrus Logic by 1.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 53,729 shares of the semiconductor company’s stock valued at $4,470,000 after acquiring an additional 703 shares in the last quarter. Cardinal Capital Management raised its stake in shares of Cirrus Logic by 1.2% in the fourth quarter. Cardinal Capital Management now owns 16,576 shares of the semiconductor company’s stock valued at $1,379,000 after acquiring an additional 189 shares in the last quarter. Finally, Louisiana State Employees Retirement System acquired a new stake in shares of Cirrus Logic in the fourth quarter valued at $1,256,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Price Performance

The firm has a market capitalization of $6.52 billion, a price-to-earnings ratio of 23.39 and a beta of 0.94. The firm has a 50 day moving average price of $126.56 and a 200-day moving average price of $104.23.

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.