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

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Scott Thomas sold 1,300 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total transaction of $234,052.00. Following the completion of the sale, the executive vice president directly owned 31,048 shares of the company’s stock, valued at $5,589,881.92. This represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 stock was sold at an average price of $160.11, for a total transaction of $1,591,813.62.

Cirrus Logic Stock Down 6.4%

Cirrus Logic stock opened at $164.40 on Friday. The company has a market capitalization of $8.29 billion, a PE ratio of 20.97 and a beta of 1.15. The firm has a fifty day simple moving average of $163.40 and a two-hundred day simple moving average of $140.99. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.19. The business had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 earnings per share. As a group, equities analysts expect that Cirrus Logic, Inc. will post 8.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cirrus Logic

Hedge funds and other institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd increased its position in shares of Cirrus Logic by 7,333.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 220 shares during the period. Geneos Wealth Management Inc. increased its position in shares of Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 120 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Cirrus Logic during the fourth quarter valued at about $33,000. Torren Management LLC purchased a new position in shares of Cirrus Logic during the fourth quarter valued at about $35,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Cirrus Logic during the fourth quarter valued at about $36,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CRUS shares. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research report on Thursday, May 7th. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Barclays boosted 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. KeyCorp boosted their price objective on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Friday, March 27th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average 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.