Cirrus Logic (NASDAQ:CRUS) Reaches New 52-Week Low – Here’s What Happened

Cirrus Logic, Inc. (NASDAQ:CRUS)’s share price hit a new 52-week low during trading on Wednesday . The stock traded as low as $106.26 and last traded at $109.07, with a volume of 1453733 shares changing hands. The stock had previously closed at $109.51.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRUS. Wall Street Zen lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Stifel Nicolaus reduced their price objective on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Finally, Barclays dropped their price target on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a research note on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $150.71.

Cirrus Logic Trading Down 0.4%

The business’s 50 day simple moving average is $131.76 and its 200 day simple moving average is $147.11. The firm has a market capitalization of $5.47 billion, a PE ratio of 13.35 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 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 firm had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. During the same quarter last year, the firm earned $1.51 EPS. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. Analysts forecast that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the sale, the executive vice president owned 7,203 shares in the company, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,458 shares of Cirrus Logic stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $145.97, for a total transaction of $212,824.26. Following the transaction, the executive vice president directly owned 16,405 shares of the company’s stock, valued at $2,394,637.85. The trade was a 8.16% 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 sold 11,424 shares of company stock valued at $1,644,091. Company insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

Several institutional investors have recently made changes to their positions in CRUS. Caitong International Asset Management Co. Ltd boosted its stake in shares of Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 220 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 120 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $36,000. Coppell Advisory Solutions LLC purchased a new stake in shares of Cirrus Logic in the second quarter worth approximately $39,000. Finally, Elevation Wealth Partners LLC lifted its stake in shares of Cirrus Logic by 72.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 124 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

About Cirrus Logic

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.