Cirrus Logic (NASDAQ:CRUS) EVP Scott Thomas Sells 9,942 Shares of Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Scott Thomas sold 9,942 shares of Cirrus Logic stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $160.11, for a total transaction of $1,591,813.62. Following the sale, the executive vice president owned 30,393 shares of the company’s stock, valued at approximately $4,866,223.23. The trade was a 24.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 Friday, February 13th, Scott Thomas sold 3,239 shares of Cirrus Logic stock. The shares were sold at an average price of $141.63, for a total transaction of $458,739.57.

Cirrus Logic Trading Up 0.2%

CRUS stock opened at $160.00 on Friday. The firm has a 50 day moving average of $141.19 and a 200-day moving average of $129.73. Cirrus Logic, Inc. has a 12-month low of $82.02 and a 12-month high of $162.51. The company has a market cap of $8.16 billion, a price-to-earnings ratio of 21.08 and a beta of 1.08.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.37 by $0.60. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The company had revenue of $580.62 million during the quarter, compared to the consensus estimate of $531.43 million. During the same period last year, the firm earned $2.51 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. Sell-side analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Stifel Nicolaus raised their price objective on shares of Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. Benchmark raised their price objective on shares of Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. KeyCorp raised their price objective on shares of Cirrus Logic from $150.00 to $175.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. Barclays raised their price objective on shares of Cirrus Logic from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 3rd. Finally, Loop Capital cut shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price objective for the company. in a research note on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Cirrus Logic has a consensus rating of “Moderate Buy” and a consensus price target of $150.43.

Institutional Trading of Cirrus Logic

Several hedge funds and other institutional investors have recently bought and sold shares of CRUS. Royal Bank of Canada grew its stake in Cirrus Logic by 92.3% in the 1st quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock worth $7,189,000 after acquiring an additional 34,629 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Cirrus Logic by 24.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after acquiring an additional 263 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Cirrus Logic by 4.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock worth $21,372,000 after acquiring an additional 9,658 shares during the period. Focus Partners Wealth acquired a new position in shares of Cirrus Logic in the 1st quarter valued at $361,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Cirrus Logic by 95.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock valued at $47,000 after purchasing an additional 232 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

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.