Insider Selling: Cirrus Logic Inc. (CRUS) VP Sells $1,453,893.75 in Stock
Cirrus Logic Inc. (NASDAQ:CRUS) VP Scott Thomas sold 25,847 shares of the business’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $56.25, for a total transaction of $1,453,893.75. Following the transaction, the vice president now owns 51,110 shares in the company, valued at approximately $2,874,937.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Scott Thomas also recently made the following trade(s):
- On Friday, November 4th, Scott Thomas sold 14,169 shares of Cirrus Logic stock. The shares were sold at an average price of $55.00, for a total transaction of $779,295.00.
- On Monday, October 31st, Scott Thomas sold 26,480 shares of Cirrus Logic stock. The shares were sold at an average price of $54.30, for a total transaction of $1,437,864.00.
Cirrus Logic Inc. (NASDAQ:CRUS) opened at 54.61 on Monday. Cirrus Logic Inc. has a 52-week low of $25.09 and a 52-week high of $58.08. The company has a market cap of $3.48 billion, a price-to-earnings ratio of 24.08 and a beta of 0.29. The company’s 50-day moving average is $53.77 and its 200 day moving average is $45.30.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Thursday, October 27th. The company reported $1.35 EPS for the quarter, beating the consensus estimate of $1.05 by $0.30. The business earned $428.62 million during the quarter, compared to analyst estimates of $396.75 million. Cirrus Logic had a return on equity of 18.83% and a net margin of 11.78%. The company’s revenue for the quarter was up 39.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 earnings per share. Equities analysts forecast that Cirrus Logic Inc. will post $4.09 earnings per share for the current fiscal year.
A number of analysts have commented on the stock. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $60.00 price target (up previously from $50.00) on shares of Cirrus Logic in a research note on Sunday, October 30th. Canaccord Genuity boosted their price target on shares of Cirrus Logic from $56.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, September 20th. Zacks Investment Research upgraded shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $63.00 price target for the company in a research note on Wednesday, November 2nd. Stifel Nicolaus boosted their price target on shares of Cirrus Logic from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, October 13th. Finally, Pacific Crest restated a “hold” rating on shares of Cirrus Logic in a research note on Tuesday, August 16th. Two equities 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 company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $53.80.
A number of institutional investors have recently made changes to their positions in the stock. Hood River Capital Management LLC raised its position in shares of Cirrus Logic by 2.8% in the second quarter. Hood River Capital Management LLC now owns 334,438 shares of the company’s stock valued at $12,973,000 after buying an additional 8,961 shares in the last quarter. Cortina Asset Management LLC raised its position in shares of Cirrus Logic by 51.1% in the second quarter. Cortina Asset Management LLC now owns 697,353 shares of the company’s stock valued at $27,050,000 after buying an additional 235,878 shares in the last quarter. Artemis Investment Management LLP purchased a new position in shares of Cirrus Logic during the second quarter valued at approximately $15,251,000. CIBC World Markets Inc. purchased a new position in shares of Cirrus Logic during the second quarter valued at approximately $1,023,000. Finally, Geode Capital Management LLC raised 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 valued at $20,829,000 after buying an additional 5,260 shares in the last quarter. 85.16% of the stock is owned by institutional investors and hedge funds.
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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