Justin Dougherty Sells 2,000 Shares of Cirrus Logic (NASDAQ:CRUS) Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Justin Dougherty sold 2,000 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total value of $333,000.00. Following the completion of the sale, the executive vice president directly owned 4,537 shares in the company, valued at $755,410.50. This trade represents a 30.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Cirrus Logic Stock Down 2.6%

CRUS opened at $173.59 on Thursday. The firm has a market cap of $8.78 billion, a P/E ratio of 22.14 and a beta of 1.16. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $180.42. The business’s fifty day simple moving average is $158.68 and its 200 day simple moving average is $138.58.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The business had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.26 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.67 earnings per share. As a group, equities analysts expect that Cirrus Logic, Inc. will post 8.01 EPS for the current fiscal year.

Institutional Trading of Cirrus Logic

A number of hedge funds have recently added to or reduced their stakes in CRUS. Norges Bank acquired a new stake in Cirrus Logic in the 4th quarter worth about $69,674,000. Invesco Ltd. boosted its stake in Cirrus Logic by 133.6% in the 4th quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock worth $76,136,000 after buying an additional 367,488 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Cirrus Logic by 546.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock worth $46,005,000 after buying an additional 328,159 shares during the last quarter. Defiance ETFs LLC acquired a new stake in Cirrus Logic in the 4th quarter worth about $38,050,000. Finally, Allianz Asset Management GmbH boosted its stake in Cirrus Logic by 33.5% in the 4th quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after buying an additional 269,391 shares during the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CRUS. Zacks Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Benchmark increased their price objective on Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research note on Thursday, May 7th. KeyCorp increased their price objective on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cirrus Logic presently has an average rating of “Moderate Buy” and a consensus price target of $161.71.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.