Insider Selling: Cirrus Logic Inc. (CRUS) CEO Sells $4,844,027.58 in Stock
Cirrus Logic Inc. (NASDAQ:CRUS) CEO Jason P. Rhode sold 86,982 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $55.69, for a total transaction of $4,844,027.58. Following the transaction, the chief executive officer now owns 234,077 shares in the company, valued at approximately $13,035,748.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) opened at 54.61 on Monday. Cirrus Logic Inc. has a one year low of $25.09 and a one year high of $58.08. The company’s 50-day moving average is $53.77 and its 200-day moving average is $45.30. The company has a market capitalization of $3.48 billion, a PE ratio of 24.08 and a beta of 0.29.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Thursday, October 27th. The company reported $1.35 EPS for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.30. The firm had revenue of $428.62 million for the quarter, compared to analyst estimates of $396.75 million. Cirrus Logic had a net margin of 11.78% and a return on equity of 18.83%. The company’s revenue for the quarter was up 39.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.65 earnings per share. Equities analysts predict that Cirrus Logic Inc. will post $4.09 earnings per share for the current year.
A number of research analysts recently commented on CRUS shares. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $45.00 price objective on shares of Cirrus Logic in a research note on Wednesday, July 27th. Needham & Company LLC raised their price objective on shares of Cirrus Logic from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Stifel Nicolaus raised their price objective on shares of Cirrus Logic from $46.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Barclays PLC raised their price objective on shares of Cirrus Logic from $35.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Finally, Pacific Crest reiterated an “equal weight” rating on shares of Cirrus Logic in a research note on Friday, July 29th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $53.80.
Institutional investors have recently added to or reduced their stakes in 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 worth $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 worth $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 worth $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 worth $129,000 after buying an additional 203 shares during the period. Finally, Bayesian Capital Management LP purchased a new position in Cirrus Logic during the first quarter worth approximately $204,000. Hedge funds and other institutional investors own 85.16% of the company’s stock.
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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