Cirrus Logic (NASDAQ:CRUS) EVP Sells $333,000.00 in Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) EVP Justin Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total value of $333,000.00. Following the completion of the transaction, the executive vice president directly owned 4,537 shares in the company, valued at approximately $755,410.50. This represents a 30.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Cirrus Logic Stock Up 4.2%

NASDAQ CRUS traded up $7.13 during trading on Tuesday, hitting $178.30. The company’s stock had a trading volume of 463,593 shares, compared to its average volume of 648,724. The firm has a 50 day moving average price of $157.02 and a 200 day moving average price of $137.78. The firm has a market cap of $9.10 billion, a P/E ratio of 22.74 and a beta of 1.16. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $179.00.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, topping the consensus estimate of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The company had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.26 million. During the same period in the previous year, the business posted $1.67 EPS. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, equities analysts expect that Cirrus Logic, Inc. will post 8.01 earnings per share for the current year.

Wall Street Analyst Weigh In

CRUS has been the topic of several recent research reports. Barclays lifted their price objective on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. KeyCorp lifted their price objective on Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a report on Thursday, May 7th. Benchmark lifted their price objective on Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Finally, Zacks Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $161.71.

Institutional Trading of Cirrus Logic

Several institutional investors have recently bought and sold shares of CRUS. Caitong International Asset Management Co. Ltd boosted its stake in Cirrus Logic by 7,333.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 220 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Cirrus Logic by 120.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 120 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at $33,000. Torren Management LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at $35,000. Finally, Kestra Advisory Services LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.