Insider Selling: Cirrus Logic Inc. (CRUS) Director Sells $358,995.00 in Stock
Cirrus Logic Inc. (NASDAQ:CRUS) Director Alexander M. Davern sold 6,500 shares of Cirrus Logic stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $55.23, for a total value of $358,995.00. Following the sale, the director now owns 15,164 shares in the company, valued at approximately $837,507.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) opened at 54.61 on Monday. The stock’s 50 day moving average price is $53.77 and its 200 day moving average price is $45.30. Cirrus Logic Inc. has a 52 week low of $25.09 and a 52 week high of $58.08. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of 24.08 and a beta of 0.29.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Thursday, October 27th. The company reported $1.35 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $428.62 million for the quarter, compared to analysts’ expectations of $396.75 million. During the same quarter last year, the company posted $0.65 earnings per share. Cirrus Logic’s revenue was up 39.7% on a year-over-year basis. Equities research analysts anticipate that Cirrus Logic Inc. will post $4.09 EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Aperio Group LLC boosted its position in shares of Cirrus Logic by 16.1% in the first quarter. Aperio Group LLC now owns 9,836 shares of the company’s stock worth $358,000 after buying an additional 1,361 shares in the last quarter. BlackRock Inc. boosted its position in shares of Cirrus Logic by 27.2% in the first quarter. BlackRock Inc. now owns 9,212 shares of the company’s stock worth $335,000 after buying an additional 1,972 shares in the last quarter. Credit Agricole S A acquired a new position in shares of Cirrus Logic during the first quarter worth about $637,000. Geode Capital Management LLC boosted its position in shares of Cirrus Logic by 0.9% in the first quarter. Geode Capital Management LLC now owns 572,093 shares of the company’s stock worth $20,829,000 after buying an additional 5,260 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of Cirrus Logic during the first quarter worth about $16,028,000. 85.16% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on the company. Pacific Crest restated an “equal weight” rating on shares of Cirrus Logic in a research report on Friday, July 29th. Stifel Nicolaus boosted their price target on Cirrus Logic from $62.00 to $68.00 and gave the company a “buy” rating in a research report on Friday, October 28th. Canaccord Genuity boosted their price target on Cirrus Logic from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, October 28th. Needham & Company LLC boosted their price target on Cirrus Logic from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Finally, Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 price target on the stock in a research report on Monday, August 1st. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $53.80.
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.
Receive News & Stock Ratings for Cirrus Logic Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic Inc. and related stocks with our FREE daily email newsletter.