Cirrus Logic, Inc. (NASDAQ:CRUS) VP Bradley J. Fluke sold 19,459 shares of the firm’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $64.48, for a total value of $1,254,716.32. Following the sale, the vice president now directly owns 15,063 shares of the company’s stock, valued at $971,262.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.59 by $0.14. The business had revenue of $327.86 million for the quarter, compared to the consensus estimate of $320.94 million. Cirrus Logic had a return on equity of 25.10% and a net margin of 15.94%. Cirrus Logic’s revenue was up 41.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 EPS.
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CRUS has been the subject of several research reports. Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a research report on Monday, February 6th. Vetr downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating and set a $70.00 price objective for the company. in a research report on Tuesday, April 18th. Needham & Company LLC reissued a “buy” rating and set a $70.00 price objective on shares of Cirrus Logic in a research report on Friday, April 14th. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Cirrus Logic in a research report on Monday, February 6th. Finally, Dougherty & Co boosted their price objective on Cirrus Logic from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, May 4th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $65.58.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC purchased a new position in Cirrus Logic during the first quarter valued at about $108,000. Advisor Group Inc. increased its position in Cirrus Logic by 84.1% in the third quarter. Advisor Group Inc. now owns 2,145 shares of the semiconductor company’s stock valued at $113,000 after buying an additional 980 shares in the last quarter. Huntington National Bank increased its position in Cirrus Logic by 0.5% in the first quarter. Huntington National Bank now owns 2,442 shares of the semiconductor company’s stock valued at $148,000 after buying an additional 11 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new position in Cirrus Logic during the first quarter valued at about $174,000. Finally, Elkfork Partners LLC bought a new position in Cirrus Logic during the fourth quarter worth $176,000. 88.60% of the stock is currently 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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