Key Points
- Cirrus Logic EVP Andrew Brannan sold 6,464 shares on June 29 at an average price of $144.71, generating about $935,405 in proceeds. After the sale, he still held 7,203 shares, and the trade was made under a pre-arranged Rule 10b5-1 plan.
- The company recently reported better-than-expected quarterly results, with EPS of $1.95 versus the $1.76 consensus and revenue of $448.52 million, up 5.7% year over year. Analysts currently expect Cirrus Logic to earn 8.05 EPS for the full year.
- Wall Street sentiment is mixed but constructive, with a Moderate Buy consensus rating and an average price target of $161.71. Institutional ownership remains high at 87.96%, with several funds significantly adding to their positions.
Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Andrew Brannan sold 6,464 shares of the firm's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $144.71, for a total transaction of $935,405.44. Following the completion of the transaction, the executive vice president owned 7,203 shares of the company's stock, valued at approximately $1,042,346.13. This trade represents a 47.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Cirrus Logic Price Performance
NASDAQ:CRUS opened at $148.53 on Wednesday. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42. The company has a market cap of $7.49 billion, a PE ratio of 18.95 and a beta of 1.15. The firm's 50 day simple moving average is $165.58 and its 200 day simple moving average is $145.88.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) 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 analysts' expectations of $442.25 million. During the same period in the prior year, the company posted $1.67 EPS. The company's revenue was up 5.7% on a year-over-year basis. Equities research analysts expect that Cirrus Logic, Inc. will post 8.05 EPS for the current year.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on the company. Zacks Research downgraded Cirrus Logic from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Barclays lifted their target price on Cirrus Logic from $120.00 to $140.00 and gave the stock an "equal weight" rating in a report on Thursday, May 7th. KeyCorp increased their price target on Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Finally, Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a research note on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $161.71.
Read Our Latest Stock Report on Cirrus Logic
Institutional Trading of Cirrus Logic
Institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in shares of Cirrus Logic in the 4th quarter worth about $69,674,000. Invesco Ltd. boosted its position in shares of Cirrus Logic by 133.6% during the 4th quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company's stock valued at $76,136,000 after purchasing an additional 367,488 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Cirrus Logic by 546.3% during 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 purchasing an additional 328,159 shares in the last quarter. Defiance ETFs LLC acquired a new stake in Cirrus Logic during the fourth quarter worth approximately $38,050,000. Finally, Allianz Asset Management GmbH grew its stake in Cirrus Logic by 33.5% during the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company's stock worth $127,224,000 after purchasing an additional 269,391 shares during the period. Institutional investors 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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
