Key Points
- Director Alexander Davern sold 1,000 shares of Cirrus Logic on May 20 at an average price of $159.00, totaling $159,000. After the sale, he still held 20,531 shares.
- Cirrus Logic reported strong quarterly results, posting EPS of $1.95 versus the $1.76 estimate and revenue of $448.52 million, both ahead of expectations. Revenue also rose 5.7% from a year earlier.
- Analyst sentiment remains mixed but constructive, with several firms raising price targets after earnings and the stock carrying a consensus “Moderate Buy” rating. The consensus target price is $161.71.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) Director Alexander Davern sold 1,000 shares of Cirrus Logic stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the sale, the director owned 20,531 shares of the company's stock, valued at approximately $3,264,429. This trade represents a 4.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Cirrus Logic Trading Up 0.4%
Shares of NASDAQ:CRUS opened at $166.62 on Friday. The company has a fifty day simple moving average of $155.53 and a 200 day simple moving average of $137.21. The firm has a market cap of $8.50 billion, a PE ratio of 21.25 and a beta of 1.16. Cirrus Logic, Inc. has a 12-month low of $92.02 and a 12-month high of $179.00.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.26 million. During the same quarter in the previous year, the firm earned $1.67 earnings per share. The firm's revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, equities research analysts forecast that Cirrus Logic, Inc. will post 8.01 EPS for the current fiscal year.
Analyst Ratings Changes
CRUS has been the subject of several recent research reports. KeyCorp boosted their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Zacks Research lowered shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a research note on Thursday, May 7th. Barclays boosted their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $161.71.
Check Out Our Latest Stock Report on CRUS
Hedge Funds Weigh In On Cirrus Logic
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Cirrus Logic by 4.2% during the third quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company's stock worth $829,724,000 after acquiring an additional 268,560 shares during the last quarter. LSV Asset Management grew its position in shares of Cirrus Logic by 1.0% during the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company's stock worth $279,215,000 after acquiring an additional 23,703 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its position in shares of Cirrus Logic by 0.7% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company's stock worth $187,059,000 after acquiring an additional 11,307 shares during the last quarter. Earnest Partners LLC grew its position in shares of Cirrus Logic by 0.8% during the third quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company's stock worth $168,980,000 after acquiring an additional 10,750 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Cirrus Logic by 6.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company's stock worth $192,055,000 after acquiring an additional 83,897 shares during the last quarter. Institutional investors own 87.96% of the company's stock.
Cirrus Logic Company Profile
(
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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