Key Points
- Cirrus Logic CEO John Forsyth sold 5,000 shares on May 8 at an average price of $170.41, totaling about $852,050. The sale reduced his direct ownership by 6.67%, and it was made under a pre-arranged Rule 10b5-1 trading plan.
- The company recently beat earnings expectations, reporting $1.95 EPS versus the $1.76 consensus and revenue of $448.52 million versus $442.26 million. Revenue rose 5.7% year over year, and analysts now expect full-year EPS of 7.97.
- Wall Street sentiment remains mixed but constructive, with analysts split between Buy and Hold ratings and a consensus target price of $161.71. Cirrus Logic’s stock has also been trading near its 52-week high, after opening at $174.23 versus a yearly range of $92.02 to $179.00.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) CEO John Forsyth sold 5,000 shares of the business's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $170.41, for a total transaction of $852,050.00. Following the sale, the chief executive officer directly owned 70,016 shares of the company's stock, valued at approximately $11,931,426.56. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cirrus Logic Price Performance
NASDAQ:CRUS opened at $174.23 on Tuesday. The firm has a 50-day moving average of $151.21 and a 200-day moving average of $135.42. The company has a market cap of $8.89 billion, a PE ratio of 22.22 and a beta of 1.16. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $179.00.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, topping the consensus estimate of $1.76 by $0.19. The company had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 earnings per share. On average, equities research analysts expect that Cirrus Logic, Inc. will post 7.97 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in Cirrus Logic by 6.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company's stock valued at $192,055,000 after acquiring an additional 83,897 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Cirrus Logic by 16.3% during the 1st quarter. Parallel Advisors LLC now owns 1,591 shares of the semiconductor company's stock valued at $230,000 after acquiring an additional 223 shares during the period. KBC Group NV grew its position in shares of Cirrus Logic by 19.4% during the 1st quarter. KBC Group NV now owns 1,583 shares of the semiconductor company's stock valued at $229,000 after acquiring an additional 257 shares during the period. California Public Employees Retirement System grew its position in shares of Cirrus Logic by 7.5% during the 1st quarter. California Public Employees Retirement System now owns 103,804 shares of the semiconductor company's stock valued at $15,012,000 after acquiring an additional 7,251 shares during the period. Finally, Gallacher Capital Management LLC bought a new position in shares of Cirrus Logic during the 1st quarter valued at approximately $339,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on CRUS shares. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a report on Thursday. Zacks Research cut shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Barclays boosted their price target on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an "equal weight" rating in a report on Thursday, May 7th. Loop Capital cut shares of Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price target on the stock. in a report on Monday, February 2nd. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a report on Friday, March 27th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $161.71.
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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.
Further Reading
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