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

Cirrus Logic, Inc. (NASDAQ:CRUS) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 2,210,000 shares, a growth of 12.8% from the October 15th total of 1,960,000 shares. Based on an average daily volume of 609,400 shares, the short-interest ratio is presently 3.6 days. Approximately 4.2% of the company’s shares are short sold.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Janney Montgomery Scott LLC acquired a new stake in Cirrus Logic in the first quarter valued at $275,000. Russell Investments Group Ltd. raised its holdings in Cirrus Logic by 10.6% in the first quarter. Russell Investments Group Ltd. now owns 152,321 shares of the semiconductor company’s stock valued at $14,087,000 after acquiring an additional 14,656 shares in the last quarter. ProShare Advisors LLC raised its holdings in Cirrus Logic by 16.2% in the first quarter. ProShare Advisors LLC now owns 10,382 shares of the semiconductor company’s stock valued at $961,000 after acquiring an additional 1,450 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Cirrus Logic by 13.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 48,030 shares of the semiconductor company’s stock valued at $4,446,000 after acquiring an additional 5,645 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in Cirrus Logic by 9.7% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 8,444 shares of the semiconductor company’s stock valued at $776,000 after acquiring an additional 746 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Stock Performance

Shares of CRUS stock traded up $0.40 on Monday, hitting $101.07. The stock had a trading volume of 158,362 shares, compared to its average volume of 514,325. The firm has a market capitalization of $5.37 billion, a price-to-earnings ratio of 17.06 and a beta of 0.96. The stock’s 50 day moving average is $118.87 and its 200-day moving average is $123.15. Cirrus Logic has a 52-week low of $74.80 and a 52-week high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.23. The business had revenue of $541.90 million during the quarter, compared to the consensus estimate of $520.53 million. Cirrus Logic had a net margin of 17.19% and a return on equity of 18.15%. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.43 earnings per share. Equities analysts expect that Cirrus Logic will post 5.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CRUS. Stifel Nicolaus dropped their price target on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. 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. KeyCorp boosted their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Barclays decreased their price objective on shares of 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. Finally, Loop Capital began coverage on shares of Cirrus Logic in a research note on Tuesday, November 12th. They set a “buy” rating and a $130.00 price objective for the company. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $132.50.

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.