Insider Selling: Cirrus Logic, Inc. (NASDAQ:CRUS) VP Sells 4,039 Shares of Stock

Cirrus Logic, Inc. (NASDAQ:CRUSGet Rating) VP Justin E. Dougherty sold 4,039 shares of the business’s stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $80.94, for a total transaction of $326,916.66. Following the sale, the vice president now directly owns 5,673 shares in the company, valued at approximately $459,172.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

CRUS traded down $0.48 during trading on Thursday, hitting $79.38. 324,292 shares of the company’s stock were exchanged, compared to its average volume of 499,518. Cirrus Logic, Inc. has a 1 year low of $73.45 and a 1 year high of $95.84. The stock has a 50 day moving average price of $79.90 and a 200 day moving average price of $83.62. The firm has a market cap of $4.55 billion, a P/E ratio of 14.62, a price-to-earnings-growth ratio of 5.16 and a beta of 0.90.

Cirrus Logic (NASDAQ:CRUSGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The semiconductor company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.60. Cirrus Logic had a net margin of 18.32% and a return on equity of 23.52%. The company had revenue of $498.97 million during the quarter, compared to the consensus estimate of $420.19 million. During the same period in the previous year, the firm earned $0.47 earnings per share. Cirrus Logic’s revenue for the quarter was up 70.0% on a year-over-year basis. Sell-side analysts forecast that Cirrus Logic, Inc. will post 4.71 earnings per share for the current year.

CRUS has been the topic of several recent research reports. Benchmark reduced their price target on shares of Cirrus Logic from $100.00 to $95.00 in a report on Wednesday, May 4th. Stifel Nicolaus boosted their price objective on shares of Cirrus Logic from $112.00 to $120.00 in a research report on Wednesday, May 4th. StockNews.com raised shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 12th. KeyCorp dropped their price target on shares of Cirrus Logic from $120.00 to $105.00 in a research report on Wednesday, May 4th. Finally, Zacks Investment Research lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $88.00 price target for the company. in a research report on Tuesday, April 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cirrus Logic presently has an average rating of “Buy” and a consensus target price of $104.21.

Several hedge funds have recently made changes to their positions in CRUS. Wellington Management Group LLP boosted its stake in shares of Cirrus Logic by 183.8% in the first quarter. Wellington Management Group LLP now owns 1,972,087 shares of the semiconductor company’s stock valued at $167,214,000 after purchasing an additional 1,277,213 shares during the period. BlackRock Inc. boosted its stake in shares of Cirrus Logic by 13.8% in the fourth quarter. BlackRock Inc. now owns 5,910,845 shares of the semiconductor company’s stock valued at $543,916,000 after purchasing an additional 716,936 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Cirrus Logic by 40.0% in the fourth quarter. Mackenzie Financial Corp now owns 2,340,305 shares of the semiconductor company’s stock valued at $215,355,000 after purchasing an additional 668,514 shares during the period. Norges Bank purchased a new position in shares of Cirrus Logic in the fourth quarter valued at $51,543,000. Finally, American Century Companies Inc. boosted its stake in shares of Cirrus Logic by 8,122.7% in the fourth quarter. American Century Companies Inc. now owns 426,265 shares of the semiconductor company’s stock valued at $39,225,000 after purchasing an additional 421,081 shares during the period. Institutional investors and hedge funds own 86.74% of the company’s stock.

Cirrus Logic Company Profile (Get Rating)

Cirrus Logic, Inc, a fabless semiconductor company, provides low-power, high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including codecs-chips that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; haptic drivers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that offer enhanced voice quality, voice capture, and audio playback features.

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