Key Points
- Cirrus Logic EVP Scott Thomas sold 1,300 shares on June 3 at an average price of $180.04, totaling $234,052. The sale reduced his direct holdings by 4.02%, and it was made under a pre-arranged Rule 10b5-1 plan.
- The company recently reported better-than-expected quarterly results, with earnings of $1.95 per share versus the $1.76 estimate and revenue of $448.52 million versus $442.26 million expected. Revenue rose 5.7% year over year.
- Analyst sentiment has improved, with Jefferies upgrading the stock to Buy and other firms raising price targets. Cirrus Logic now has a consensus rating of Moderate Buy with a target price of $161.71, while the stock was trading near its 52-week high.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Scott Thomas sold 1,300 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total transaction of $234,052.00. Following the completion of the transaction, the executive vice president directly owned 31,048 shares of the company's stock, valued at $5,589,881.92. This trade represents a 4.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Scott Thomas also recently made the following trade(s):
- On Thursday, April 9th, Scott Thomas sold 9,942 shares of Cirrus Logic stock. The stock was sold at an average price of $160.11, for a total transaction of $1,591,813.62.
Cirrus Logic Trading Down 1.8%
NASDAQ CRUS opened at $175.63 on Friday. The firm has a market cap of $8.88 billion, a price-to-earnings ratio of 22.40 and a beta of 1.15. The company has a 50 day moving average of $162.97 and a 200-day moving average of $140.83. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share 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 analyst estimates of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company's revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the business posted $1.67 earnings per share. On average, analysts forecast that Cirrus Logic, Inc. will post 8.05 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on the company. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a report on Thursday. KeyCorp raised their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Barclays raised their price target on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a report on Thursday, May 7th. Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a report on Friday, March 27th. Finally, Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research note on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $161.71.
Check Out Our Latest Research Report on Cirrus Logic
Hedge Funds Weigh In On Cirrus Logic
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC boosted its stake in Cirrus Logic by 16.3% in the first 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 last quarter. Leigh Baldwin & CO. LLC bought a new position in shares of Cirrus Logic during the first quarter worth $223,000. Cim Investment Management Inc. boosted its position in shares of Cirrus Logic by 35.0% during the first quarter. Cim Investment Management Inc. now owns 3,689 shares of the semiconductor company's stock worth $534,000 after purchasing an additional 957 shares in the last quarter. Amundi boosted its position in shares of Cirrus Logic by 42.0% during the first quarter. Amundi now owns 120,738 shares of the semiconductor company's stock worth $17,461,000 after purchasing an additional 35,693 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Cirrus Logic by 19.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,443 shares of the semiconductor company's stock worth $209,000 after purchasing an additional 232 shares in the last quarter. 87.96% of the stock is owned by institutional investors.
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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