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 dated Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total transaction of $234,052.00. Following the transaction, the executive vice president directly owned 31,048 shares of the company’s stock, valued at $5,589,881.92. The trade was a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 shares were sold at an average price of $160.11, for a total transaction of $1,591,813.62.

Cirrus Logic Trading Down 1.8%

Cirrus Logic stock traded down $3.27 during midday trading on Thursday, reaching $175.63. 370,607 shares of the stock traded hands, compared to its average volume of 642,343. The firm has a fifty day moving average price of $162.32 and a two-hundred day moving average price of $140.43. The firm has a market cap of $8.88 billion, a price-to-earnings ratio of 22.40 and a beta of 1.15. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $180.42.

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

Institutional Investors Weigh In On Cirrus Logic

A number of large investors have recently made changes to their positions in the company. Parallel Advisors LLC raised its holdings in shares of Cirrus Logic by 16.3% during the first quarter. Parallel Advisors LLC now owns 1,591 shares of the semiconductor company’s stock valued at $230,000 after acquiring an additional 223 shares during the period. Leigh Baldwin & CO. LLC acquired a new stake in shares of Cirrus Logic during the first quarter valued at approximately $223,000. Cim Investment Management Inc. raised its holdings 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 acquiring an additional 957 shares during the period. Amundi raised its holdings in shares of Cirrus Logic by 42.0% during the first quarter. Amundi now owns 120,738 shares of the semiconductor company’s stock valued at $17,461,000 after acquiring an additional 35,693 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Cirrus Logic by 19.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,443 shares of the semiconductor company’s stock valued at $209,000 after acquiring an additional 232 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Wall Street Analyst Weigh In

CRUS has been the subject of a number of research analyst reports. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research note on Thursday. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research note on Thursday, May 7th. Barclays upped their price target on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. Finally, KeyCorp boosted their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $161.71.

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.