Cirrus Logic, Inc. (CRUS) VP Randolph K. Carlson Sells 10,848 Shares

Cirrus Logic, Inc. (NASDAQ:CRUS) VP Randolph K. Carlson sold 10,848 shares of the firm’s stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $37.43, for a total transaction of $406,040.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

NASDAQ CRUS opened at $37.94 on Friday. Cirrus Logic, Inc. has a 12 month low of $31.25 and a 12 month high of $46.18. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 1.48 and a beta of 0.61.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, January 30th. The semiconductor company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.13. Cirrus Logic had a net margin of 7.68% and a return on equity of 11.88%. The company had revenue of $324.30 million for the quarter, compared to analysts’ expectations of $319.37 million. During the same quarter last year, the business earned $1.59 EPS. The firm’s revenue was down 32.8% compared to the same quarter last year. On average, equities analysts forecast that Cirrus Logic, Inc. will post 1.72 earnings per share for the current year.

Cirrus Logic announced that its board has approved a share repurchase program on Wednesday, January 30th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 8.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

CRUS has been the topic of a number of research reports. BidaskClub raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a report on Wednesday, January 16th. ValuEngine raised shares of Cirrus Logic from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. Bank of America set a $29.00 price objective on shares of Cirrus Logic and gave the stock a “sell” rating in a report on Tuesday, December 4th. Needham & Company LLC reissued a “hold” rating on shares of Cirrus Logic in a report on Wednesday, November 21st. Finally, TheStreet raised shares of Cirrus Logic from a “c+” rating to a “b-” rating in a report on Thursday, November 8th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $42.13.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its stake in Cirrus Logic by 0.6% during the 2nd quarter. Bank of America Corp DE now owns 227,011 shares of the semiconductor company’s stock worth $8,701,000 after acquiring an additional 1,254 shares during the period. USA Financial Portformulas Corp bought a new stake in Cirrus Logic during the 3rd quarter worth approximately $269,000. Vanguard Group Inc raised its stake in Cirrus Logic by 0.4% during the 3rd quarter. Vanguard Group Inc now owns 5,619,593 shares of the semiconductor company’s stock worth $216,916,000 after acquiring an additional 24,334 shares during the period. Palo Capital Inc. bought a new stake in Cirrus Logic during the 3rd quarter worth approximately $2,461,000. Finally, JPMorgan Chase & Co. raised its stake in Cirrus Logic by 98.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after acquiring an additional 657,662 shares during the period. Institutional investors own 90.66% of the company’s stock.

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About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

Further Reading: Do investors pay a separate front-end load every time they buy additional shares?

Insider Buying and Selling by Quarter for Cirrus Logic (NASDAQ:CRUS)

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