Insider Selling: Cirrus Logic, Inc. (CRUS) VP Sells 7,325 Shares of Stock
Cirrus Logic, Inc. (NASDAQ:CRUS) VP Bradley J. Fluke sold 7,325 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $53.44, for a total transaction of $391,448.00. Following the transaction, the vice president now owns 12,000 shares in the company, valued at $641,280. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Cirrus Logic, Inc. (NASDAQ:CRUS) traded down 1.02% during midday trading on Tuesday, reaching $54.47. The company’s stock had a trading volume of 957,743 shares. The company has a 50 day moving average price of $55.53 and a 200 day moving average price of $61.40. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of 12.74 and a beta of 0.01. Cirrus Logic, Inc. has a 1-year low of $49.05 and a 1-year high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The company had revenue of $320.70 million for the quarter, compared to analysts’ expectations of $320.32 million. During the same period last year, the company earned $0.44 EPS. The firm’s revenue for the quarter was up 23.6% compared to the same quarter last year. On average, equities research analysts expect that Cirrus Logic, Inc. will post $4.74 EPS for the current year.
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CRUS has been the subject of a number of recent research reports. Barclays PLC downgraded shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price objective for the company. in a report on Tuesday, July 18th. KeyCorp restated an “overweight” rating and set a $75.00 target price on shares of Cirrus Logic in a report on Wednesday, July 12th. Stifel Nicolaus restated a “buy” rating and set a $75.00 target price on shares of Cirrus Logic in a report on Thursday, August 3rd. BidaskClub cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, Pacific Crest restated an “overweight” rating and issued a $75.00 price target on shares of Cirrus Logic in a research report on Wednesday, June 21st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Cirrus Logic presently has a consensus rating of “Buy” and a consensus price target of $67.69.
Institutional investors and hedge funds have recently made changes to their positions in the stock. First Trust Advisors LP boosted its position in Cirrus Logic by 5.3% during the first quarter. First Trust Advisors LP now owns 67,120 shares of the semiconductor company’s stock worth $4,074,000 after acquiring an additional 3,353 shares during the last quarter. World Asset Management Inc grew its stake in Cirrus Logic by 3.5% in the 1st quarter. World Asset Management Inc now owns 3,965 shares of the semiconductor company’s stock worth $241,000 after acquiring an additional 134 shares during the period. UBS Asset Management Americas Inc. grew its stake in Cirrus Logic by 4,831.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 1,299,314 shares of the semiconductor company’s stock worth $78,855,000 after acquiring an additional 1,272,964 shares during the period. Karp Capital Management Corp purchased a new stake in Cirrus Logic in the 1st quarter worth approximately $878,000. Finally, Envestnet Asset Management Inc. grew its stake in Cirrus Logic by 76.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,778 shares of the semiconductor company’s stock worth $228,000 after acquiring an additional 1,636 shares during the period. 89.08% of the stock is currently owned by institutional investors and hedge funds.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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