Short Interest in Cirrus Logic Drops By 30.6% (CRUS)
Cirrus Logic (NASDAQ:CRUS) was the target of a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 6,744,239 shares, a drop of 30.6% from the July 15th total of 9,723,765 shares, AnalystRatings.NET reports. Based on an average trading volume of 1,771,070 shares, the days-to-cover ratio is presently 3.8 days. Currently, 10.9% of the company’s stock are sold short.
In other Cirrus Logic news, VP Thomas Stein sold 9,067 shares of Cirrus Logic stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $22.48, for a total value of $203,826.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A number of research firms have recently commented on CRUS. Analysts at Zacks upgraded shares of Cirrus Logic from a “neutral” rating to an “outperform” rating in a research note on Wednesday, July 16th. They now have a $25.20 price target on the stock. Analysts at Barclays raised their price target on shares of Cirrus Logic from $16.00 to $18.00 in a research note on Tuesday, July 15th. They now have an “underweight” rating on the stock. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. Cirrus Logic has an average rating of “Hold” and an average price target of $22.89.
Shares of Cirrus Logic (NASDAQ:CRUS) opened at 22.63 on Tuesday. Cirrus Logic has a one year low of $16.81 and a one year high of $25.91. The stock has a 50-day moving average of $23.40 and a 200-day moving average of $21.17. The company has a market cap of $1.406 billion and a P/E ratio of 14.86.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.37 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.07. The company had revenue of $152.60 million for the quarter, compared to the consensus estimate of $147.60 million. During the same quarter last year, the company posted $0.56 earnings per share. Cirrus Logic’s revenue was down 1.6% compared to the same quarter last year. On average, analysts predict that Cirrus Logic will post $1.99 earnings per share for the current fiscal year.
Cirrus Logic, Inc (NASDAQ:CRUS) develops analog and mixed-signal integrated circuits (IC) for a broad range of consumer and industrial markets.
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