Key Points
- Cirrus Logic CEO John Forsyth sold 21,806 shares on Feb. 4 at an average price of $135.15 for a total of $2,947,080.90, cutting his stake by 30.07% to 50,723 shares (approx. $6.86M), as disclosed in an SEC filing.
- The company reported a strong quarter with EPS $2.97 vs. $2.37 expected and revenue of $580.62M (consensus $531.43M), driving the stock toward its 52-week high and leaving market cap around $7.28B.
- Analyst sentiment is broadly positive with a MarketBeat consensus of “Moderate Buy” and a $145.43 average price target, while institutional investors own about 87.96% of the shares.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) CEO John Forsyth sold 21,806 shares of the firm's stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $135.15, for a total value of $2,947,080.90. Following the sale, the chief executive officer directly owned 50,723 shares in the company, valued at approximately $6,855,213.45. This represents a 30.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Cirrus Logic Stock Up 1.9%
Shares of Cirrus Logic stock opened at $142.78 on Friday. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of 18.81 and a beta of 1.12. The stock's 50-day simple moving average is $124.39 and its 200-day simple moving average is $120.16. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $144.76.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.37 by $0.60. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The company had revenue of $580.62 million for the quarter, compared to the consensus estimate of $531.43 million. During the same quarter last year, the company earned $2.51 EPS. The firm's quarterly revenue was up 4.5% on a year-over-year basis. On average, equities analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.
Institutional Investors Weigh In On Cirrus Logic
Large investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. raised its position in Cirrus Logic by 1,660.0% during the second quarter. Hantz Financial Services Inc. now owns 264 shares of the semiconductor company's stock valued at $28,000 after purchasing an additional 249 shares during the period. Ameritas Advisory Services LLC purchased a new stake in Cirrus Logic during the 2nd quarter valued at $31,000. Kohmann Bosshard Financial Services LLC purchased a new position in Cirrus Logic during the fourth quarter worth $33,000. Torren Management LLC purchased a new position in Cirrus Logic during the fourth quarter worth $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in Cirrus Logic during the second quarter valued at $39,000. 87.96% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a research note on Monday, December 29th. Susquehanna lifted their target price on Cirrus Logic from $140.00 to $155.00 and gave the stock a "positive" rating in a report on Wednesday, October 22nd. Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Saturday, November 8th. Stifel Nicolaus raised their price target on Cirrus Logic from $150.00 to $163.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Barclays lifted their price objective on Cirrus Logic from $100.00 to $110.00 and gave the stock an "equal weight" rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $145.43.
Get Our Latest Report on Cirrus Logic
Cirrus Logic Company Profile
(
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Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.
The company's product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.
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