Cirrus Logic Sees Unusually Large Options Volume (NASDAQ:CRUS)

Cirrus Logic, Inc. (NASDAQ:CRUS) saw unusually large options trading activity on Wednesday. Stock traders acquired 4,004 put options on the company. This is an increase of 618% compared to the average daily volume of 558 put options.

Cirrus Logic Trading Up 1.3 %

Shares of NASDAQ:CRUS opened at $120.70 on Friday. Cirrus Logic has a twelve month low of $65.02 and a twelve month high of $147.46. The company’s 50 day moving average is $129.27 and its 200 day moving average is $120.29. The company has a market cap of $6.45 billion, a PE ratio of 24.48 and a beta of 0.96.

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

Analysts Set New Price Targets

A number of equities analysts have commented on CRUS shares. Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Barclays downgraded shares of Cirrus Logic from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $140.00 to $120.00 in a report on Thursday, October 10th. Susquehanna cut their price objective on shares of Cirrus Logic from $175.00 to $160.00 and set a “positive” rating on the stock in a report on Monday. StockNews.com downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 9th. Finally, KeyCorp upped their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $137.50.

Insider Buying and Selling

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

Hedge Funds Weigh In On Cirrus Logic

Several hedge funds and other institutional investors have recently bought and sold shares of CRUS. Atlas Capital Advisors LLC increased its holdings in Cirrus Logic by 103.0% in the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after buying an additional 204 shares during the period. Cardinal Capital Management boosted its position in Cirrus Logic by 19.3% in the 1st quarter. Cardinal Capital Management now owns 19,771 shares of the semiconductor company’s stock worth $1,830,000 after purchasing an additional 3,195 shares in the last quarter. Diversified Trust Co boosted its position in Cirrus Logic by 8.3% in the 1st quarter. Diversified Trust Co now owns 9,310 shares of the semiconductor company’s stock worth $862,000 after purchasing an additional 714 shares in the last quarter. State of Michigan Retirement System boosted its position in Cirrus Logic by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 13,241 shares of the semiconductor company’s stock worth $1,226,000 after purchasing an additional 300 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in Cirrus Logic by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 203,163 shares of the semiconductor company’s stock worth $18,805,000 after purchasing an additional 5,203 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

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.