Cirrus Logic Inc. (NASDAQ:CRUS) announced its quarterly earnings data on Wednesday. The company reported $0.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.16.
Several analysts have recently issued reports on the stock. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $45.00 price objective on shares of Cirrus Logic in a research note on Wednesday. Canaccord Genuity reaffirmed a “buy” rating and set a $52.00 price target on shares of Cirrus Logic in a research report on Tuesday, July 12th. Pacific Crest reaffirmed an “overweight” rating and set a $40.00 price target on shares of Cirrus Logic in a research report on Tuesday, June 7th. Stifel Nicolaus reaffirmed a “buy” rating and set a $46.00 price target (up from $44.00) on shares of Cirrus Logic in a research report on Wednesday, June 1st. Finally, Barclays PLC cut shares of Cirrus Logic from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $37.00 to $35.00 in a research report on Thursday, May 5th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Cirrus Logic presently has an average rating of “Buy” and a consensus price target of $44.00.
In other Cirrus Logic news, CFO Thurman K. Case sold 32,000 shares of the stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $40.00, for a total value of $1,280,000.00. Following the completion of the sale, the chief financial officer now owns 31,008 shares in the company, valued at approximately $1,240,320. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Scott Thomas sold 50,000 shares of the stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $40.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the vice president now owns 61,005 shares of the company’s stock, valued at approximately $2,440,200. The disclosure for this sale can be found here.
Cirrus Logic, Inc (Cirrus Logic) develops high-precision, analog and mixed-signal integrated circuits (ICs) for a range of audio and energy markets. Cirrus Logic delivers products for consumer and professional audio, automotive entertainment, and targeted industrial applications including energy control, energy measurement, light emitting diode (LED) lighting and energy exploration.
