Key Points
- Scott Thomas, EVP of Cirrus Logic, sold 9,942 shares on April 9 at an average price of $160.11 for about $1.59M, cutting his holding by 24.65% to 30,393 shares; the sale was made under a pre-arranged Rule 10b5-1 plan.
- Q3 earnings beat: Cirrus Logic reported $2.97 EPS vs. $2.37 expected and revenue of $580.62M vs. $531.43M est.; shares opened at $160 with a market cap of roughly $8.16B and a 52-week high near $162.51.
- Analysts hold a consensus rating of "Moderate Buy" with a $150.43 average target and several recent target upgrades (KeyCorp to $175, Stifel to $163), while institutional investors own about 87.96% of the stock.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Scott Thomas sold 9,942 shares of Cirrus Logic stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $160.11, for a total transaction of $1,591,813.62. Following the completion of the transaction, the executive vice president owned 30,393 shares in the company, valued at approximately $4,866,223.23. This trade represents a 24.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Scott Thomas also recently made the following trade(s):
- On Friday, February 13th, Scott Thomas sold 3,239 shares of Cirrus Logic stock. The shares were sold at an average price of $141.63, for a total transaction of $458,739.57.
Cirrus Logic Stock Up 0.2%
Shares of CRUS opened at $160.00 on Friday. The firm has a market cap of $8.16 billion, a PE ratio of 21.08 and a beta of 1.08. The company's fifty day moving average is $141.19 and its two-hundred day moving average is $129.73. Cirrus Logic, Inc. has a fifty-two week low of $82.02 and a fifty-two week high of $162.51.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share for the quarter, beating analysts' consensus estimates of $2.37 by $0.60. The company had revenue of $580.62 million for the quarter, compared to analyst estimates of $531.43 million. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. Cirrus Logic's revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the business earned $2.51 EPS. As a group, equities research analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.
Analyst Upgrades and Downgrades
CRUS has been the topic of a number of research analyst reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a report on Friday, March 27th. KeyCorp lifted their price target on shares of Cirrus Logic from $150.00 to $175.00 and gave the company an "overweight" rating in a report on Monday, April 6th. Stifel Nicolaus lifted their target price on shares of Cirrus Logic from $150.00 to $163.00 and gave the company a "buy" rating in a report on Wednesday, February 4th. Barclays lifted their target price on shares of Cirrus Logic from $110.00 to $120.00 and gave the company an "equal weight" rating in a report on Tuesday, March 3rd. Finally, Loop Capital lowered shares of Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 target price on the stock. in a report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Cirrus Logic presently has a consensus rating of "Moderate Buy" and a consensus price target of $150.43.
Check Out Our Latest Research Report on CRUS
Hedge Funds Weigh In On Cirrus Logic
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Diversified Trust Co lifted its holdings in shares of Cirrus Logic by 0.9% during the 3rd quarter. Diversified Trust Co now owns 8,974 shares of the semiconductor company's stock valued at $1,124,000 after acquiring an additional 78 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of Cirrus Logic by 6.2% during the 4th quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company's stock valued at $162,000 after acquiring an additional 80 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company's stock valued at $46,000 after acquiring an additional 88 shares in the last quarter. Kendall Capital Management lifted its holdings in shares of Cirrus Logic by 0.9% during the 4th quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company's stock valued at $1,256,000 after acquiring an additional 90 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its holdings in shares of Cirrus Logic by 1.7% during the 2nd quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company's stock valued at $598,000 after acquiring an additional 95 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.
About Cirrus Logic
(
Get Free Report)
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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