Cirrus Logic, Inc. (NASDAQ:CRUS) Director William D. Sherman sold 1,378 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $61.84, for a total value of $85,215.52. Following the completion of the transaction, the director now owns 7,307 shares in the company, valued at $451,864.88. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Cirrus Logic, Inc. (CRUS) traded down 0.22% on Friday, reaching $54.63. The company’s stock had a trading volume of 741,264 shares. The company has a market cap of $3.49 billion, a P/E ratio of 12.78 and a beta of 0.01. The stock’s 50 day moving average price is $61.09 and its 200 day moving average price is $61.30. Cirrus Logic, Inc. has a 12 month low of $47.01 and a 12 month high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.15. The business had revenue of $320.70 million for the quarter, compared to analysts’ expectations of $320.32 million. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The business’s quarterly revenue was up 23.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 earnings per share. Equities research analysts forecast that Cirrus Logic, Inc. will post $4.74 earnings per share for the current year.
A number of research analysts have commented on CRUS shares. Dougherty & Co increased their price objective on Cirrus Logic from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, May 4th. Stifel Nicolaus increased their price objective on Cirrus Logic from $70.00 to $73.00 and gave the company a “buy” rating in a research report on Wednesday, May 24th. Needham & Company LLC restated a “buy” rating and issued a $80.00 price target (up from $70.00) on shares of Cirrus Logic in a research report on Thursday, June 1st. Pacific Crest restated an “overweight” rating and issued a $75.00 price target on shares of Cirrus Logic in a research report on Wednesday, June 21st. Finally, KeyCorp restated an “overweight” rating and issued a $75.00 price target on shares of Cirrus Logic in a research report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $68.59.
Several institutional investors have recently added to or reduced their stakes in the company. Soros Fund Management LLC bought a new position in Cirrus Logic during the first quarter worth about $225,000. Capital One National Association boosted its position in Cirrus Logic by 8.0% in the second quarter. Capital One National Association now owns 39,549 shares of the semiconductor company’s stock worth $2,481,000 after buying an additional 2,938 shares during the period. James Investment Research Inc. bought a new position in Cirrus Logic during the second quarter worth about $1,342,000. Miles Capital Inc. boosted its position in Cirrus Logic by 0.3% in the first quarter. Miles Capital Inc. now owns 3,796 shares of the semiconductor company’s stock worth $230,000 after buying an additional 10 shares during the period. Finally, Chicago Equity Partners LLC boosted its position in Cirrus Logic by 128.6% in the first quarter. Chicago Equity Partners LLC now owns 35,120 shares of the semiconductor company’s stock worth $2,131,000 after buying an additional 19,760 shares during the period. 94.48% of the stock is currently owned by institutional investors.
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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