Insider Selling: Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Sells 2,000 Shares of Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the executive vice president now directly owns 41,645 shares of the company’s stock, valued at approximately $4,164,500. This trade represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Cirrus Logic Stock Up 1.0%

CRUS opened at $101.04 on Friday. The firm has a market cap of $5.21 billion, a P/E ratio of 18.34 and a beta of 0.93. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46. The business’s fifty day simple moving average is $95.16 and its 200 day simple moving average is $100.51.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.52. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The business had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. During the same quarter last year, the company earned $1.24 earnings per share. The business’s revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, equities analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its Board of Directors has initiated a share buyback program on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 9.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Cirrus Logic

A number of hedge funds have recently bought and sold shares of the company. Inspire Investing LLC boosted its position in Cirrus Logic by 21.1% during the first quarter. Inspire Investing LLC now owns 11,926 shares of the semiconductor company’s stock worth $1,188,000 after acquiring an additional 2,074 shares during the last quarter. Strs Ohio acquired a new stake in Cirrus Logic during the first quarter worth approximately $1,434,000. Geneos Wealth Management Inc. boosted its position in Cirrus Logic by 95.1% during the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after acquiring an additional 232 shares during the last quarter. Focus Partners Wealth acquired a new stake in Cirrus Logic during the first quarter worth approximately $361,000. Finally, Plato Investment Management Ltd acquired a new stake in Cirrus Logic during the first quarter worth approximately $98,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CRUS shares. Barclays increased their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th. Wall Street Zen cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Thursday. Benchmark reaffirmed a “buy” rating and issued a $125.00 target price on shares of Cirrus Logic in a report on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $128.33.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.