Cirrus Logic (NASDAQ:CRUS) Shares Gap Down – Should You Sell?

Cirrus Logic, Inc. (NASDAQ:CRUS) gapped down prior to trading on Thursday . The stock had previously closed at $121.21, but opened at $117.57. Cirrus Logic shares last traded at $117.18, with a volume of 104,923 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus raised their price target on shares of Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. StockNews.com cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. KeyCorp raised their price objective on Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Susquehanna boosted their price target on Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Finally, Barclays downgraded shares of Cirrus Logic from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $140.00 to $120.00 in a report on Thursday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.00.

Cirrus Logic Stock Performance

The business has a fifty day moving average of $130.36 and a two-hundred day moving average of $118.11. The firm has a market capitalization of $6.32 billion, a price-to-earnings ratio of 24.59 and a beta of 0.96.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.50. The company had revenue of $374.03 million for the quarter, compared to analyst estimates of $318.41 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The company’s revenue was up 18.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 earnings per share. As a group, sell-side analysts predict that Cirrus Logic, Inc. will post 5.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Andrew Brannan sold 4,350 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the transaction, the vice president now owns 4,004 shares in the company, valued at approximately $544,704.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Andrew Brannan sold 4,350 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total value of $591,774.00. Following the transaction, the vice president now directly owns 4,004 shares in the company, valued at approximately $544,704.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Justin E. Dougherty sold 10,203 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the transaction, the senior vice president now directly owns 4,838 shares in the company, valued at approximately $637,212.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Institutional Investors Weigh In On Cirrus Logic

Institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. increased its stake in Cirrus Logic by 8,183.4% during the 2nd quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company’s stock worth $84,935,000 after acquiring an additional 657,288 shares during the period. Balyasny Asset Management L.P. grew its holdings in shares of Cirrus Logic by 307.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock worth $58,777,000 after purchasing an additional 533,019 shares in the last quarter. LSV Asset Management grew its holdings in shares of Cirrus Logic by 34.6% during the 2nd quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock worth $241,340,000 after purchasing an additional 486,086 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Cirrus Logic by 68.6% in the first quarter. Acadian Asset Management LLC now owns 460,681 shares of the semiconductor company’s stock worth $42,619,000 after purchasing an additional 187,438 shares during the period. Finally, DNB Asset Management AS acquired a new position in Cirrus Logic in the second quarter valued at about $23,250,000. 87.96% of the stock is currently owned by institutional investors.

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.