William D. Sherman Sells 6,462 Shares of Cirrus Logic Inc. (CRUS) Stock
Cirrus Logic Inc. (NASDAQ:CRUS) Director William D. Sherman sold 6,462 shares of the company’s stock in a transaction that occurred on Monday, November 28th. The stock was sold at an average price of $57.93, for a total transaction of $374,343.66. Following the completion of the sale, the director now directly owns 5,229 shares of the company’s stock, valued at $302,915.97. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) opened at 55.00 on Thursday. The stock’s 50 day moving average is $54.88 and its 200-day moving average is $47.11. Cirrus Logic Inc. has a 12-month low of $25.09 and a 12-month high of $59.50. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 24.25 and a beta of 0.29.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Thursday, October 27th. The company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $396.75 million. During the same quarter in the prior year, the firm earned $0.65 EPS. The company’s revenue was up 39.7% on a year-over-year basis. On average, analysts anticipate that Cirrus Logic Inc. will post $4.10 EPS for the current fiscal year.
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A number of large investors have recently modified their holdings of the company. BlackRock Fund Advisors raised its stake in shares of Cirrus Logic by 0.9% in the second quarter. BlackRock Fund Advisors now owns 3,962,562 shares of the company’s stock worth $153,708,000 after buying an additional 35,325 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cirrus Logic by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,443,895 shares of the company’s stock worth $94,797,000 after buying an additional 34,464 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Cirrus Logic by 19.4% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,810,603 shares of the company’s stock worth $96,234,000 after buying an additional 294,314 shares in the last quarter. State Street Corp raised its stake in shares of Cirrus Logic by 0.9% in the second quarter. State Street Corp now owns 1,415,098 shares of the company’s stock worth $54,889,000 after buying an additional 11,969 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Cirrus Logic by 20.8% in the second quarter. Bank of New York Mellon Corp now owns 1,282,897 shares of the company’s stock worth $49,764,000 after buying an additional 220,708 shares in the last quarter. 88.53% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently weighed in on CRUS. Craig Hallum began coverage on shares of Cirrus Logic in a research note on Monday, November 21st. They issued a “hold” rating and a $60.00 price target for the company. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $60.00 target price (up from $50.00) on shares of Cirrus Logic in a report on Sunday, October 30th. Canaccord Genuity boosted their target price on shares of Cirrus Logic from $56.00 to $65.00 and gave the stock a “buy” rating in a report 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 target price on the stock in a report on Wednesday, November 2nd. Finally, Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 13th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $54.60.
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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