John C. Carter Sells 25,000 Shares of Cirrus Logic Inc. (CRUS) Stock
Cirrus Logic Inc. (NASDAQ:CRUS) Director John C. Carter sold 25,000 shares of the company’s stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $55.50, for a total transaction of $1,387,500.00. Following the completion of the sale, the director now directly owns 48,044 shares of the company’s stock, valued at $2,666,442. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Cirrus Logic Inc. (NASDAQ:CRUS) opened at 53.54 on Friday. The stock has a market capitalization of $3.41 billion, a PE ratio of 23.61 and a beta of 0.29. The firm has a 50-day moving average of $53.79 and a 200-day moving average of $45.15. Cirrus Logic Inc. has a one year low of $25.09 and a one year high of $58.08.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Thursday, October 27th. The company reported $1.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.30. Cirrus Logic had a net margin of 11.78% and a return on equity of 18.83%. The business earned $428.62 million during the quarter, compared to analyst estimates of $396.75 million. During the same period in the previous year, the business posted $0.65 EPS. The company’s quarterly revenue was up 39.7% on a year-over-year basis. On average, equities research analysts forecast that Cirrus Logic Inc. will post $4.09 earnings per share for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Thompson Davis & CO. Inc. raised its position in Cirrus Logic by 170.1% in the third quarter. Thompson Davis & CO. Inc. now owns 2,120 shares of the company’s stock valued at $113,000 after buying an additional 1,335 shares during the period. Advisor Group Inc. raised its position in Cirrus Logic by 84.1% in the third quarter. Advisor Group Inc. now owns 2,145 shares of the company’s stock valued at $113,000 after buying an additional 980 shares during the period. Public Employees Retirement System of Ohio raised its position in Cirrus Logic by 6.8% in the second quarter. Public Employees Retirement System of Ohio now owns 3,090 shares of the company’s stock valued at $120,000 after buying an additional 196 shares during the period. Huntington National Bank raised its position in Cirrus Logic by 9.1% in the third quarter. Huntington National Bank now owns 2,431 shares of the company’s stock valued at $129,000 after buying an additional 203 shares during the period. Finally, Bayesian Capital Management LP acquired a new position in Cirrus Logic during the first quarter valued at approximately $204,000. 89.36% of the stock is owned by institutional investors and hedge funds.
CRUS has been the subject of a number of research reports. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $45.00 target price on shares of Cirrus Logic in a report on Wednesday, July 27th. Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a report on Monday, August 29th. Zacks Investment Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 27th. Stifel Nicolaus upped their target price on shares of Cirrus Logic from $55.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, September 8th. Finally, Canaccord Genuity upped their target price on shares of Cirrus Logic from $56.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, September 20th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $53.80.
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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