Insider Selling: Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Sells 2,000 Shares of Stock

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

Cirrus Logic Stock Performance

Shares of CRUS stock traded up $0.99 during mid-day trading on Friday, reaching $101.04. The company's stock had a trading volume of 390,737 shares, compared to its average volume of 637,837. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The company has a market cap of $5.21 billion, a P/E ratio of 18.34 and a beta of 0.93. The firm's 50-day moving average is $95.16 and its two-hundred day moving average is $100.50.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) 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 company had revenue of $424.46 million during the quarter, compared to analysts' expectations of $380.26 million. During the same quarter in the prior year, the company posted $1.24 EPS. The business's revenue was up 14.2% on a year-over-year basis. Sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic declared that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the semiconductor company to reacquire up to 9.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Wall Street Zen cut shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Thursday. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a research note on Wednesday, May 7th. Barclays boosted their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Finally, Benchmark restated a "buy" rating and issued a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Cirrus Logic has a consensus rating of "Moderate Buy" and a consensus target price of $128.33.

Hedge Funds Weigh In On Cirrus Logic

A number of hedge funds have recently made changes to their positions in CRUS. Janney Montgomery Scott LLC increased its position in shares of Cirrus Logic by 8.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 2,992 shares of the semiconductor company's stock worth $298,000 after purchasing an additional 221 shares in the last quarter. KBC Group NV increased its position in shares of Cirrus Logic by 52.5% during the 4th quarter. KBC Group NV now owns 1,896 shares of the semiconductor company's stock worth $189,000 after purchasing an additional 653 shares in the last quarter. E. Ohman J or Asset Management AB increased its position in shares of Cirrus Logic by 10.4% during the 4th quarter. E. Ohman J or Asset Management AB now owns 19,091 shares of the semiconductor company's stock worth $1,901,000 after purchasing an additional 1,800 shares in the last quarter. Meritage Portfolio Management increased its position in shares of Cirrus Logic by 12.2% during the 4th quarter. Meritage Portfolio Management now owns 3,971 shares of the semiconductor company's stock worth $395,000 after purchasing an additional 433 shares in the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth about $300,000. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Company Profile

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.