Short Interest in Cirrus Logic, Inc. (NASDAQ:CRUS) Drops By 27.5%


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Cirrus Logic, Inc. (NASDAQ:CRUS) was the recipient of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 1,000,000 shares, a decrease of 27.5% from the March 31st total of 1,380,000 shares. Currently, 1.7% of the shares of the company are short sold. Based on an average daily volume of 660,300 shares, the days-to-cover ratio is currently 1.5 days.

Shares of CRUS stock traded up $1.47 during midday trading on Tuesday, reaching $74.47. 23,184 shares of the company traded hands, compared to its average volume of 674,164. The firm’s 50 day simple moving average is $83.23 and its two-hundred day simple moving average is $82.31. The firm has a market cap of $4.32 billion, a PE ratio of 28.19, a price-to-earnings-growth ratio of 3.77 and a beta of 0.88. Cirrus Logic has a 1-year low of $55.30 and a 1-year high of $103.25.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Thursday, April 29th. The semiconductor company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.05). Cirrus Logic had a net margin of 12.57% and a return on equity of 14.92%. As a group, equities research analysts expect that Cirrus Logic will post 3.53 EPS for the current year.

Cirrus Logic declared that its board has initiated a stock repurchase program on Monday, February 1st that permits the company to buyback $350.00 million in shares. This buyback authorization permits the semiconductor company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

In other news, Director Timothy R. Dehne sold 1,000 shares of the company’s stock in a transaction dated Thursday, April 1st. The shares were sold at an average price of $86.77, for a total value of $86,770.00. Following the completion of the sale, the director now directly owns 16,014 shares of the company’s stock, valued at $1,389,534.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John C. Carter sold 625 shares of the company’s stock in a transaction dated Wednesday, February 3rd. The shares were sold at an average price of $89.97, for a total transaction of $56,231.25. Following the completion of the sale, the director now directly owns 14,406 shares of the company’s stock, valued at $1,296,107.82. The disclosure for this sale can be found here. 1.83% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Cirrus Logic during the 4th quarter valued at about $65,413,000. Hood River Capital Management LLC purchased a new position in shares of Cirrus Logic during the 4th quarter worth approximately $39,404,000. Morgan Stanley increased its stake in shares of Cirrus Logic by 803.7% during the 4th quarter. Morgan Stanley now owns 367,200 shares of the semiconductor company’s stock worth $30,184,000 after purchasing an additional 326,565 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Cirrus Logic by 1,387.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 228,918 shares of the semiconductor company’s stock worth $18,817,000 after purchasing an additional 213,527 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its stake in Cirrus Logic by 56.2% in the 4th quarter. Panagora Asset Management Inc. now owns 343,980 shares of the semiconductor company’s stock valued at $28,275,000 after buying an additional 123,778 shares in the last quarter. Institutional investors and hedge funds own 84.24% of the company’s stock.

CRUS has been the topic of a number of recent research reports. Benchmark boosted their target price on Cirrus Logic from $95.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, February 2nd. Susquehanna Bancshares reissued a “buy” rating and issued a $115.00 price objective on shares of Cirrus Logic in a research note on Tuesday, February 2nd. Susquehanna restated a “buy” rating and issued a $115.00 target price on shares of Cirrus Logic in a research note on Tuesday, February 2nd. KeyCorp reissued a “buy” rating and set a $100.00 price target (down from $110.00) on shares of Cirrus Logic in a report on Friday. Finally, Cowen increased their target price on Cirrus Logic from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 2nd. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Cirrus Logic has a consensus rating of “Buy” and a consensus price target of $98.30.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) in the United States and internationally. It offers portable products, including codecs-chips that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; haptic drivers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that offer enhanced voice quality, voice capture, and audio playback features.

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