William D. Sherman Sells 6,462 Shares of Cirrus Logic Inc. (CRUS) Stock
Cirrus Logic Inc. (NASDAQ:CRUS) Director William D. Sherman sold 6,462 shares of the stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $57.93, for a total transaction of $374,343.66. Following the sale, the director now directly owns 5,229 shares in the company, valued at approximately $302,915.97. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) opened at 55.00 on Thursday. The firm has a market capitalization of $3.50 billion, a P/E ratio of 24.25 and a beta of 0.29. Cirrus Logic Inc. has a 12 month low of $25.09 and a 12 month high of $59.50. The company has a 50 day moving average of $54.88 and a 200-day moving average of $47.11.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Thursday, October 27th. The company reported $1.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.30. The firm earned $428.62 million during the quarter, compared to the consensus estimate of $396.75 million. Cirrus Logic had a return on equity of 18.83% and a net margin of 11.78%. The business’s quarterly revenue was up 39.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.65 earnings per share. Analysts predict that Cirrus Logic Inc. will post $4.10 EPS for the current year.
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CRUS has been the topic of a number of research analyst reports. Pacific Crest reissued an “equal weight” rating on shares of Cirrus Logic in a report on Monday, August 29th. Zacks Investment Research lowered shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 27th. Craig Hallum began coverage on shares of Cirrus Logic in a research note on Monday, November 21st. They issued a “hold” rating and a $60.00 target price on the stock. Stifel Nicolaus raised their target price on shares of Cirrus Logic from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Thursday, September 8th. Finally, Canaccord Genuity raised their target price on shares of Cirrus Logic from $56.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, September 20th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Cirrus Logic currently has a consensus rating of “Buy” and a consensus target price of $54.60.
A number of hedge funds and other institutional investors have recently modified their holdings of CRUS. Geode Capital Management LLC increased its position in shares of Cirrus Logic by 0.9% in the first quarter. Geode Capital Management LLC now owns 572,093 shares of the company’s stock valued at $20,829,000 after buying an additional 5,260 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Cirrus Logic during the first quarter valued at approximately $16,028,000. Squarepoint Ops LLC acquired a new position in shares of Cirrus Logic during the first quarter valued at approximately $816,000. Origin Asset Management LLP increased its position in shares of Cirrus Logic by 6.9% in the first quarter. Origin Asset Management LLP now owns 240,730 shares of the company’s stock valued at $8,765,000 after buying an additional 15,475 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in shares of Cirrus Logic by 105.2% in the second quarter. BNP Paribas Arbitrage SA now owns 20,347 shares of the company’s stock valued at $789,000 after buying an additional 10,431 shares during the last quarter. 88.53% of the stock is owned by hedge funds and other institutional investors.
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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