William D. Sherman Sells 180 Shares of Cirrus Logic, Inc. (CRUS) Stock
Cirrus Logic, Inc. (NASDAQ:CRUS) Director William D. Sherman sold 180 shares of Cirrus Logic stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $55.80, for a total value of $10,044.00. Following the transaction, the director now owns 5,232 shares of the company’s stock, valued at approximately $291,945.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.20 by $0.16. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The firm had revenue of $425.50 million during the quarter, compared to analyst estimates of $410.32 million. During the same quarter in the prior year, the business posted $1.35 EPS. The business’s revenue for the quarter was down .7% compared to the same quarter last year.
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Several institutional investors and hedge funds have recently modified their holdings of CRUS. OppenheimerFunds Inc. lifted its holdings in shares of Cirrus Logic by 63.8% during the 1st quarter. OppenheimerFunds Inc. now owns 7,559 shares of the semiconductor company’s stock valued at $459,000 after purchasing an additional 2,944 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Cirrus Logic by 28.1% during the 1st quarter. Legal & General Group Plc now owns 41,194 shares of the semiconductor company’s stock valued at $2,496,000 after purchasing an additional 9,041 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Cirrus Logic during the 1st quarter valued at $411,000. Bank of America Corp DE lifted its holdings in shares of Cirrus Logic by 18.9% during the 1st quarter. Bank of America Corp DE now owns 242,781 shares of the semiconductor company’s stock valued at $14,735,000 after purchasing an additional 38,601 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Cirrus Logic by 5.8% during the 1st quarter. State Street Corp now owns 2,226,243 shares of the semiconductor company’s stock valued at $135,107,000 after purchasing an additional 122,309 shares during the last quarter. Hedge funds and other institutional investors own 89.48% of the company’s stock.
CRUS has been the subject of a number of recent research reports. Stifel Nicolaus reiterated a “buy” rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Tuesday, October 3rd. BidaskClub cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 2nd. Craig Hallum reiterated a “hold” rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. Finally, KeyCorp reiterated an “overweight” rating on shares of Cirrus Logic in a research note on Thursday, September 14th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $67.69.
Cirrus Logic Company Profile
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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