Cirrus Logic, Inc. (NASDAQ:CRUS) Director Christine King sold 5,000 shares of Cirrus Logic stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $56.31, for a total value of $281,550.00. Following the sale, the director now owns 16,182 shares of the company’s stock, valued at approximately $911,208.42. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
Cirrus Logic, Inc. (NASDAQ:CRUS) opened at 54.63 on Friday. Cirrus Logic, Inc. has a one year low of $47.01 and a one year high of $71.97. The company’s 50 day moving average price is $61.09 and its 200-day moving average price is $61.30. The stock has a market capitalization of $3.49 billion, a PE ratio of 12.78 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.15. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The company had revenue of $320.70 million during the quarter, compared to analyst estimates of $320.32 million. During the same period in the prior year, the company earned $0.44 earnings per share. The firm’s revenue was up 23.6% on a year-over-year basis. Analysts expect that Cirrus Logic, Inc. will post $4.74 earnings per share for the current year.
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Institutional investors have recently made changes to their positions in the stock. Fortaleza Asset Management Inc. purchased a new position in shares of Cirrus Logic during the second quarter worth approximately $102,000. Advisory Services Network LLC purchased a new position in shares of Cirrus Logic during the first quarter worth approximately $108,000. Huntington National Bank raised its position in shares of Cirrus Logic by 0.5% in the first quarter. Huntington National Bank now owns 2,442 shares of the semiconductor company’s stock worth $148,000 after buying an additional 11 shares during the last quarter. Mckinley Capital Management LLC Delaware purchased a new position in shares of Cirrus Logic during the first quarter worth approximately $174,000. Finally, ETRADE Capital Management LLC purchased a new position in shares of Cirrus Logic during the second quarter worth approximately $201,000. 94.48% of the stock is owned by institutional investors.
A number of analysts have recently issued reports on the company. BidaskClub downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Monday, August 7th. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 price target on shares of Cirrus Logic in a research report on Thursday, August 3rd. Pacific Crest reiterated an “overweight” rating and set a $75.00 price target on shares of Cirrus Logic in a research report on Wednesday, June 21st. Finally, Barclays PLC downgraded Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price target for the company. in a research report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $68.59.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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