Short Interest in Cirrus Logic, Inc. (NASDAQ:CRUS) Declines By 10.1%

Cirrus Logic, Inc. (NASDAQ:CRUS) saw 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 daily volume of 678,100 shares, the short-interest ratio is presently 2.9 days. Currently, 3.7% of the shares of the stock are sold short.

Analysts Set New Price Targets

CRUS has been the topic of a number of recent analyst reports. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Loop Capital began coverage on shares of Cirrus Logic in a research report on Tuesday, November 12th. They issued a “buy” rating and a $130.00 target price on the stock. Susquehanna upped their price target on shares of Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a research report on Monday, November 18th. Stifel Nicolaus decreased their price target on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Finally, 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 note on Tuesday, November 5th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.50.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS traded down $2.21 during midday trading on Tuesday, hitting $103.42. The company had a trading volume of 332,693 shares, compared to its average volume of 521,978. The business’s 50-day simple moving average is $110.53 and its 200-day simple moving average is $122.81. The stock has a market cap of $5.50 billion, a price-to-earnings ratio of 17.90 and a beta of 0.93. Cirrus Logic has a twelve month low of $75.92 and a twelve month high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Monday, November 4th. The semiconductor company reported $2.25 EPS for the quarter, topping the consensus estimate of $2.02 by $0.23. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The business had revenue of $541.90 million for the quarter, compared to analyst estimates of $520.53 million. During the same quarter in the previous year, the firm earned $1.43 EPS. The company’s quarterly revenue was up 12.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Cirrus Logic will post 5.21 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRUS. Charles Schwab Investment Management Inc. grew its holdings in shares of Cirrus Logic by 21.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company’s stock worth $89,527,000 after purchasing an additional 129,457 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in Cirrus Logic by 52.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company’s stock worth $123,000 after buying an additional 329 shares during the period. Susquehanna Fundamental Investments LLC increased its position in shares of Cirrus Logic by 741.0% during the second quarter. Susquehanna Fundamental Investments LLC now owns 27,754 shares of the semiconductor company’s stock valued at $3,543,000 after acquiring an additional 24,454 shares during the last quarter. Sheaff Brock Investment Advisors LLC purchased a new stake in shares of Cirrus Logic in the 3rd quarter valued at approximately $1,752,000. Finally, Raymond James & Associates boosted its position in shares of Cirrus Logic by 48.4% during the 3rd quarter. Raymond James & Associates now owns 33,459 shares of the semiconductor company’s stock worth $4,156,000 after purchasing an additional 10,919 shares during the period. 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.