Traders Purchase High Volume of Cirrus Logic Put Options (CRUS)

Cirrus Logic, Inc. (NASDAQ:CRUS) saw unusually large options trading on Friday. Investors purchased 7,767 put options on the stock. This is an increase of approximately 992% compared to the average volume of 711 put options.

Several analysts have issued reports on CRUS shares. BidaskClub cut Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Wednesday, December 6th. Vetr cut Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 target price on the stock. in a research report on Monday, December 18th. Craig Hallum reaffirmed a “hold” rating and set a $54.00 target price (down previously from $63.00) on shares of Cirrus Logic in a research report on Friday, November 3rd. Zacks Investment Research cut Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $76.00 target price on shares of Cirrus Logic in a research report on Friday, November 3rd. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $65.76.

Shares of Cirrus Logic (NASDAQ CRUS) opened at $52.76 on Monday. Cirrus Logic has a twelve month low of $48.61 and a twelve month high of $71.97. The company has a market capitalization of $3,360.00 and a price-to-earnings ratio of 12.90.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.20 by $0.16. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. The firm had revenue of $425.50 million during the quarter, compared to analyst estimates of $410.32 million. During the same quarter in the prior year, the business posted $1.35 EPS. The business’s revenue for the quarter was down .7% compared to the same quarter last year. analysts expect that Cirrus Logic will post 4.21 earnings per share for the current year.

In related news, Director Christine King sold 562 shares of the stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $49.75, for a total value of $27,959.50. Following the transaction, the director now owns 11,744 shares of the company’s stock, valued at $584,264. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders sold 6,123 shares of company stock worth $328,718. 1.92% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC lifted its holdings in shares of Cirrus Logic by 232.9% during the 4th quarter. Acadian Asset Management LLC now owns 35,406 shares of the semiconductor company’s stock valued at $1,836,000 after purchasing an additional 24,770 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of Cirrus Logic by 6.3% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 503,968 shares of the semiconductor company’s stock valued at $26,136,000 after purchasing an additional 29,669 shares during the last quarter. Polianta Ltd lifted its holdings in shares of Cirrus Logic by 30.7% during the 4th quarter. Polianta Ltd now owns 23,400 shares of the semiconductor company’s stock valued at $1,213,000 after purchasing an additional 5,500 shares during the last quarter. Aurora Investment Counsel purchased a new stake in shares of Cirrus Logic during the 4th quarter valued at $2,616,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Cirrus Logic by 5.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 44,822 shares of the semiconductor company’s stock valued at $2,390,000 after purchasing an additional 2,283 shares during the last quarter. Hedge funds and other institutional investors own 89.34% of the company’s stock.

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About Cirrus Logic

Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.

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