Cirrus Logic (NASDAQ:CRUS) Hits New 12-Month Low – Should You Sell?

Cirrus Logic, Inc. (NASDAQ:CRUS)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $109.23 and last traded at $109.2050, with a volume of 29184 shares. The stock had previously closed at $110.34.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Barclays lowered their price objective on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. KeyCorp reduced their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Zacks Research cut Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Finally, Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $150.71.

Cirrus Logic Trading Down 0.5%

The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 13.44 and a beta of 1.18. The company’s 50-day moving average is $136.07 and its 200-day moving average is $148.01.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The business had revenue of $459.72 million for the quarter, compared to analysts’ expectations of $460.32 million. During the same period last year, the firm posted $1.51 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. Equities research analysts forecast that Cirrus Logic, Inc. will post 7.47 EPS for the current year.

Insider Activity

In related news, EVP Scott Thomas sold 1,300 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total transaction of $234,052.00. Following the completion of the sale, the executive vice president directly owned 31,048 shares in the company, valued at $5,589,881.92. This represents a 4.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the firm’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the sale, the executive vice president directly owned 7,203 shares in the company, valued at $1,042,346.13. This trade represents a 47.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 16,631 shares of company stock worth $2,536,629. Insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC lifted its stake in Cirrus Logic by 6.2% in the 4th quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock valued at $162,000 after purchasing an additional 80 shares during the last quarter. CIBC Private Wealth Group LLC grew its stake in shares of Cirrus Logic by 29.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock worth $46,000 after buying an additional 88 shares during the last quarter. EP Wealth Advisors LLC grew its stake in shares of Cirrus Logic by 1.7% during the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock worth $598,000 after buying an additional 95 shares during the last quarter. Diversified Trust Co increased its holdings in shares of Cirrus Logic by 1.1% during the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock worth $1,316,000 after buying an additional 102 shares in the last quarter. Finally, Wedmont Private Capital increased its holdings in shares of Cirrus Logic by 6.9% during the second quarter. Wedmont Private Capital now owns 1,644 shares of the semiconductor company’s stock worth $247,000 after buying an additional 106 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.