Cirrus Logic, Inc. (NASDAQ:CRUS) Short Interest Update

Cirrus Logic, Inc. (NASDAQ:CRUS) was the target of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 1,950,000 shares, a drop of 10.1% from the November 15th total of 2,170,000 shares. Based on an average trading volume of 678,100 shares, the days-to-cover ratio is presently 2.9 days. Approximately 3.7% of the company’s shares are sold short.

Institutional Trading of Cirrus Logic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRUS. Franklin Resources Inc. grew its position in Cirrus Logic by 60.1% during the 3rd quarter. Franklin Resources Inc. now owns 167,258 shares of the semiconductor company’s stock worth $20,625,000 after purchasing an additional 62,757 shares during the period. Tidal Investments LLC raised its position in Cirrus Logic by 118.7% during the third quarter. Tidal Investments LLC now owns 14,767 shares of the semiconductor company’s stock valued at $1,834,000 after acquiring an additional 8,016 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in Cirrus Logic by 50.0% in the third quarter. Sanctuary Advisors LLC now owns 11,850 shares of the semiconductor company’s stock valued at $1,472,000 after acquiring an additional 3,948 shares during the period. Westside Investment Management Inc. acquired a new position in shares of Cirrus Logic in the 3rd quarter valued at $35,000. Finally, Virtu Financial LLC purchased a new stake in Cirrus Logic during the third quarter worth $941,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Price Performance

Cirrus Logic stock traded down $2.21 during midday trading on Tuesday, reaching $103.42. The company’s stock had a trading volume of 332,693 shares, compared to its average volume of 521,978. The stock has a market capitalization of $5.50 billion, a P/E ratio of 17.90 and a beta of 0.93. The stock’s 50-day simple moving average is $110.53 and its 200-day simple moving average is $122.81. Cirrus Logic has a 52-week low of $75.92 and a 52-week high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Monday, November 4th. The semiconductor company reported $2.25 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 17.19% and a return on equity of 18.15%. Cirrus Logic’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period last year, the business earned $1.43 EPS. As a group, equities research analysts expect that Cirrus Logic will post 5.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on CRUS. Barclays cut their price target on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 5th. Loop Capital started coverage on shares of Cirrus Logic in a research report on Tuesday, November 12th. They issued a “buy” rating and a $130.00 price target for the company. Susquehanna lifted their price objective on shares of Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a report on Monday, November 18th. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. Finally, Stifel Nicolaus cut their price target on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.