Cirrus Logic (NASDAQ:CRUS) CEO Sells $852,050.00 in Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) CEO John Forsyth sold 5,000 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.41, for a total transaction of $852,050.00. Following the completion of the transaction, the chief executive officer directly owned 70,016 shares in the company, valued at $11,931,426.56. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Performance

Shares of CRUS stock traded up $2.56 on Monday, hitting $174.23. The company’s stock had a trading volume of 608,854 shares, compared to its average volume of 658,768. The stock’s 50 day moving average is $150.06 and its 200-day moving average is $134.82. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $179.00. The company has a market capitalization of $8.89 billion, a PE ratio of 22.22 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.26 million. During the same period in the prior year, the company posted $1.67 earnings per share. Cirrus Logic’s revenue was up 5.7% compared to the same quarter last year. On average, research analysts forecast that Cirrus Logic, Inc. will post 7.97 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on CRUS shares. KeyCorp increased their price objective on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Barclays increased their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday. Loop Capital downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price objective on the stock. in a research note on Monday, February 2nd. Finally, Benchmark increased their price objective on shares of Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $161.71.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRUS. Royal Bank of Canada raised its holdings in Cirrus Logic by 92.3% during the 1st quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock worth $7,189,000 after purchasing an additional 34,629 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Cirrus Logic by 24.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after purchasing an additional 263 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Cirrus Logic by 4.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock worth $21,372,000 after purchasing an additional 9,658 shares during the last quarter. Focus Partners Wealth bought a new position in Cirrus Logic during the 1st quarter worth approximately $361,000. Finally, Geneos Wealth Management Inc. raised its holdings in Cirrus Logic by 95.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 232 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

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.