Carl Jackson Alberty Sells 2,000 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) Stock

Cirrus Logic, Inc. (NASDAQ:CRUS - Get Free Report) EVP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the executive vice president now directly owns 41,645 shares in the company, valued at approximately $4,164,500. The trade was a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Cirrus Logic Stock Performance

NASDAQ:CRUS traded up $1.08 during trading hours on Friday, hitting $101.13. The company's stock had a trading volume of 93,808 shares, compared to its average volume of 635,158. The company has a market capitalization of $5.21 billion, a PE ratio of 18.32 and a beta of 0.93. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The business's 50-day moving average is $95.14 and its two-hundred day moving average is $100.51.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The business had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. During the same quarter in the previous year, the business posted $1.24 earnings per share. The company's revenue was up 14.2% on a year-over-year basis. As a group, analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 9.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have weighed in on CRUS. Benchmark restated a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. Barclays raised their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a research note on Wednesday, May 7th. Finally, Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $128.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Inspire Investing LLC grew its holdings in Cirrus Logic by 21.1% in the 1st quarter. Inspire Investing LLC now owns 11,926 shares of the semiconductor company's stock worth $1,188,000 after buying an additional 2,074 shares in the last quarter. Strs Ohio purchased a new position in shares of Cirrus Logic during the first quarter valued at $1,434,000. Geneos Wealth Management Inc. increased its holdings in Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock worth $47,000 after buying an additional 232 shares during the last quarter. Focus Partners Wealth bought a new position in shares of Cirrus Logic in the first quarter valued at approximately $361,000. Finally, Plato Investment Management Ltd bought a new stake in Cirrus Logic during the 1st quarter valued at approximately $98,000. Institutional investors and hedge funds own 87.96% of the company's stock.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.