Andrew Brannan Sells 6,464 Shares of Cirrus Logic (NASDAQ:CRUS) Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the sale, the executive vice president directly owned 7,203 shares in the company, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Performance

NASDAQ:CRUS opened at $146.42 on Thursday. The stock has a market cap of $7.39 billion, a price-to-earnings ratio of 18.68 and a beta of 1.17. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42. The business’s 50-day simple moving average is $165.14 and its 200 day simple moving average is $146.02.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.Cirrus Logic’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.67 EPS. On average, equities research analysts predict that Cirrus Logic, Inc. will post 8.05 EPS for the current year.

Analysts Set New Price Targets

CRUS has been the subject of a number of research reports. Zacks Research downgraded Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. KeyCorp upped their price objective on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Barclays lifted their target price on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Five 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.com, the stock has an average rating of “Moderate Buy” and an average price target of $161.71.

Institutional Trading of Cirrus Logic

Several hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC boosted its position in Cirrus Logic by 16.3% during the 1st quarter. Parallel Advisors LLC now owns 1,591 shares of the semiconductor company’s stock valued at $230,000 after purchasing an additional 223 shares during the period. Leigh Baldwin & CO. LLC acquired a new stake in Cirrus Logic in the first quarter worth $223,000. Cim Investment Management Inc. increased its position in Cirrus Logic by 35.0% in the first quarter. Cim Investment Management Inc. now owns 3,689 shares of the semiconductor company’s stock worth $534,000 after buying an additional 957 shares during the period. Amundi lifted its stake in Cirrus Logic by 42.0% in the first quarter. Amundi now owns 120,738 shares of the semiconductor company’s stock valued at $17,461,000 after buying an additional 35,693 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Cirrus Logic by 19.2% in the first quarter. EverSource Wealth Advisors LLC now owns 1,443 shares of the semiconductor company’s stock valued at $209,000 after buying an additional 232 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Company Profile

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.