Alexander Davern Sells 1,000 Shares of Cirrus Logic (NASDAQ:CRUS) Stock

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

Cirrus Logic Trading Up 2.7%

Shares of NASDAQ CRUS 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. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $179.00. The stock’s 50-day moving average is $156.25 and its 200 day moving average is $137.44.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, topping the consensus estimate of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The firm had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.26 million. During the same quarter in the previous year, the business earned $1.67 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, analysts forecast that Cirrus Logic, Inc. will post 8.01 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on CRUS. KeyCorp increased their price objective on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Loop Capital lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price target for the company. in a report on Monday, February 2nd. Barclays increased their price target 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. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research report on Thursday, May 7th. Finally, Benchmark increased their target price on shares of Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus price target of $161.71.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Leigh Baldwin & CO. LLC purchased a new stake in shares of Cirrus Logic in the 1st quarter worth about $223,000. Cim Investment Management Inc. increased its position in shares of Cirrus Logic by 35.0% during the first quarter. Cim Investment Management Inc. now owns 3,689 shares of the semiconductor company’s stock valued at $534,000 after buying an additional 957 shares during the period. Amundi raised its stake in Cirrus Logic by 42.0% in the first quarter. Amundi now owns 120,738 shares of the semiconductor company’s stock worth $17,461,000 after buying an additional 35,693 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Cirrus Logic by 19.2% in the first quarter. EverSource Wealth Advisors LLC now owns 1,443 shares of the semiconductor company’s stock worth $209,000 after buying an additional 232 shares in the last quarter. Finally, California State Teachers Retirement System lifted its holdings in Cirrus Logic by 21.0% in the first quarter. California State Teachers Retirement System now owns 58,946 shares of the semiconductor company’s stock worth $8,525,000 after buying an additional 10,222 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

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.