Cirrus Logic (NASDAQ:CRUS) EVP Andrew Brannan Sells 6,464 Shares of Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Andrew Brannan sold 6,464 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the transaction, the executive vice president owned 7,203 shares in the company, valued at $1,042,346.13. The trade was a 47.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Up 1.5%

CRUS stock opened at $148.53 on Wednesday. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $180.42. The business has a 50-day simple moving average of $165.58 and a 200 day simple moving average of $145.88. The company has a market cap of $7.49 billion, a PE ratio of 18.95 and a beta of 1.15.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.25 million. During the same period in the prior year, the company posted $1.67 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, analysts anticipate that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research note on Thursday, May 7th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Barclays raised their target price on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Finally, KeyCorp lifted their price target on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $161.71.

Hedge Funds Weigh In On Cirrus Logic

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

About Cirrus Logic

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.