Key Points
- Cirrus Logic EVP Justin Dougherty sold 2,000 shares on May 21 at an average price of $166.50, totaling $333,000. The sale was disclosed in an SEC filing and was made to cover tax withholding obligations tied to vested equity awards.
- After the transaction, Dougherty still held 4,537 shares valued at about $755,410.50, representing a 30.6% decrease in his position.
- Cirrus Logic recently reported better-than-expected quarterly results, with EPS of $1.95 versus $1.76 expected and revenue of $448.52 million, while analysts currently have a consensus rating of Moderate Buy with an average price target of $161.71.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Justin Dougherty sold 2,000 shares of the business's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the sale, the executive vice president owned 4,537 shares in the company, valued at $755,410.50. This represents a 30.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Cirrus Logic Stock Performance
Shares of NASDAQ:CRUS opened at $178.30 on Wednesday. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $179.00. The company's fifty day moving average is $157.91 and its 200-day moving average is $138.20. The company has a market capitalization of $9.02 billion, a PE ratio of 22.74 and a beta of 1.16.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The business had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.26 million. During the same period in the previous year, the business posted $1.67 earnings per share. The firm's revenue for the quarter was up 5.7% compared to the same quarter last year. On average, analysts forecast that Cirrus Logic, Inc. will post 8.01 EPS for the current year.
Institutional Trading of Cirrus Logic
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans raised its holdings in Cirrus Logic by 102.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 25,341 shares of the semiconductor company's stock worth $3,175,000 after purchasing an additional 12,828 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of Cirrus Logic by 9.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company's stock valued at $15,391,000 after acquiring an additional 11,607 shares during the last quarter. Mach 1 Financial Group LLC bought a new stake in shares of Cirrus Logic in the 4th quarter valued at about $736,000. Vaughan Nelson Investment Management L.P. increased its stake in shares of Cirrus Logic by 546.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company's stock valued at $46,005,000 after acquiring an additional 328,159 shares during the last quarter. Finally, Lecap Asset Management Ltd. bought a new stake in Cirrus Logic during the 4th quarter worth approximately $888,000. 87.96% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
CRUS has been the subject of a number of research analyst reports. KeyCorp lifted their price target on Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Zacks Research cut Cirrus Logic from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Barclays lifted their price target on Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a report on Thursday, May 7th. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a report on Thursday, May 7th. Finally, Loop Capital cut Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price target for the company. in a report on Monday, February 2nd. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $161.71.
Read Our Latest Report on Cirrus Logic
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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