Insider Selling: Cirrus Logic (NASDAQ:CRUS) EVP Sells $333,000.00 in Stock

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

Cirrus Logic Stock Up 0.4%

Shares of CRUS opened at $174.33 on Friday. The company has a 50-day simple moving average of $159.45 and a 200-day simple moving average of $138.97. The company has a market capitalization of $8.82 billion, a PE ratio of 22.24 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.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.19. The business had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.26 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The company’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.67 EPS. On average, research analysts anticipate that Cirrus Logic, Inc. will post 8.01 EPS for the current year.

Institutional Investors Weigh In On Cirrus Logic

Hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd boosted its stake in shares of Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 220 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Cirrus Logic by 120.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 120 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth about $33,000. Torren Management LLC acquired a new stake in shares of Cirrus Logic during the fourth quarter worth $35,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Cirrus Logic during the fourth quarter worth $36,000. 87.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CRUS shares. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Friday, March 27th. Benchmark upped their price target on Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. KeyCorp upped their price target on Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a report on Thursday, May 7th. Finally, Loop Capital cut Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 target price on the stock. in a report on Monday, February 2nd. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $161.71.

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.