Stock Traders Buy High Volume of Cirrus Logic Call Options (CRUS)
Cirrus Logic (NASDAQ:CRUS) was the recipient of some unusual options trading activity on Monday. Traders acquired 6,441 call options on the stock, AmericanBankingNews.com reports. This is an increase of 363% compared to the average daily volume of 1,392 call options.
In other Cirrus Logic news, VP Jodee Benson sold 21,565 shares of the company’s stock on the open market in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $24.00, for a total transaction of $517,560.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at Northland Securities upgraded shares of Cirrus Logic from a “market perform” rating to an “outperform” rating in a research note on Friday, April 25th. They now have a $27.00 price target on the stock, up previously from $22.00. Analysts at Feltl & Co. downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Monday, April 14th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. Cirrus Logic presently has an average rating of “Hold” and an average target price of $22.21.
Shares of Cirrus Logic (NASDAQ:CRUS) traded up 5.13% during mid-day trading on Monday, hitting $24.38. The stock had a trading volume of 2,863,345 shares. Cirrus Logic has a 52 week low of $16.81 and a 52 week high of $25.91. The stock has a 50-day moving average of $22.76 and a 200-day moving average of $20.51. The company has a market cap of $1.513 billion and a price-to-earnings ratio of 14.05.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.41 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.32 by $0.09. The company had revenue of $149.70 million for the quarter, compared to the consensus estimate of $143.01 million. During the same quarter last year, the company posted $0.59 earnings per share. Cirrus Logic’s revenue was down 27.6% compared to the same quarter last year. On average, analysts predict that Cirrus Logic will post $1.79 earnings per share for the current fiscal year.
Cirrus Logic, Inc is a United States-based company, which supplies high-precision analog and digital signal processing components for audio and energy markets.