Cirrus Logic (NASDAQ:CRUS) Director Sells $159,000.00 in Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) Director Alexander Davern sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total transaction of $159,000.00. Following the transaction, the director directly owned 20,531 shares in the company, valued at approximately $3,264,429. The trade was a 4.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Cirrus Logic Trading Up 2.7%

Cirrus Logic stock opened at $171.17 on Friday. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 21.83 and a beta of 1.16. The company’s 50-day moving average price is $156.25 and its two-hundred day moving average price is $137.44. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $179.00.

Cirrus Logic (NASDAQ:CRUS) last released its 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. The firm had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. Cirrus Logic’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the company earned $1.67 EPS. Research analysts expect that Cirrus Logic, Inc. will post 8.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cirrus Logic

Several hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC grew its stake in shares of Cirrus Logic by 6.2% in the 4th quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock worth $162,000 after purchasing an additional 80 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Cirrus Logic by 29.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock worth $46,000 after acquiring an additional 88 shares in the last quarter. Kendall Capital Management increased its position in shares of Cirrus Logic by 0.9% in the fourth quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company’s stock worth $1,256,000 after acquiring an additional 90 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in shares of Cirrus Logic by 1.7% during the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock valued at $598,000 after acquiring an additional 95 shares during the period. Finally, Diversified Trust Co raised its holdings in shares of Cirrus Logic by 1.1% during the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock valued at $1,316,000 after acquiring an additional 102 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

CRUS has been the topic of several research analyst reports. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a research note on Thursday, May 7th. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Barclays raised their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Loop Capital cut 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, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. Four investment 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 a consensus target price 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.