Cirrus Logic (NASDAQ:CRUS) EVP Scott Thomas Sells 1,300 Shares

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Scott Thomas sold 1,300 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total transaction of $234,052.00. Following the sale, the executive vice president owned 31,048 shares of the company’s stock, valued at $5,589,881.92. This trade represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Scott Thomas also recently made the following trade(s):

• On Thursday, April 9th, Scott Thomas sold 9,942 shares of Cirrus Logic stock. The shares were sold at an average price of $160.11, for a total transaction of $1,591,813.62.

Cirrus Logic Price Performance

CRUS stock opened at $175.63 on Friday. Cirrus Logic, Inc. has a 52-week low of $92.02 and a 52-week high of $180.42. The company has a 50-day moving average of $162.97 and a two-hundred day moving average of $140.83. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of 22.40 and a beta of 1.15.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating 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 company had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.26 million. During the same period in the prior year, the company earned $1.67 earnings per share. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. Equities analysts expect that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research report on Friday, March 27th. Zacks Research lowered shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research report on Thursday. Barclays upped their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Finally, Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research report on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.