John Forsyth Sells 5,000 Shares of Cirrus Logic (NASDAQ:CRUS) Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) CEO John Forsyth sold 5,000 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $170.41, for a total transaction of $852,050.00. Following the completion of the transaction, the chief executive officer directly owned 70,016 shares of the company’s stock, valued at approximately $11,931,426.56. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cirrus Logic Stock Performance

Shares of NASDAQ CRUS traded up $2.56 during trading on Monday, reaching $174.23. The company had a trading volume of 608,854 shares, compared to its average volume of 658,768. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $179.00. The stock has a market cap of $8.89 billion, a PE ratio of 22.22 and a beta of 1.16. The business’s 50 day moving average price is $150.06 and its 200-day moving average price is $134.82.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.19. The company had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company’s revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 earnings per share. Equities analysts anticipate that Cirrus Logic, Inc. will post 7.97 earnings per share for the current year.

Institutional Trading of Cirrus Logic

A number of institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC lifted its position in shares of Cirrus Logic by 6.2% in the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock worth $162,000 after purchasing an additional 80 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in Cirrus Logic by 29.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock worth $46,000 after acquiring an additional 88 shares in the last quarter. Kendall Capital Management raised its position in Cirrus Logic by 0.9% during the fourth quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company’s stock worth $1,256,000 after acquiring an additional 90 shares in the last quarter. EP Wealth Advisors LLC raised its position in Cirrus Logic by 1.7% during the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock worth $598,000 after acquiring an additional 95 shares in the last quarter. Finally, Diversified Trust Co raised its position in Cirrus Logic by 1.1% during the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock worth $1,316,000 after acquiring an additional 102 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRUS. Barclays boosted their price target on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. KeyCorp boosted their price objective on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Friday, March 27th. Finally, Benchmark boosted their price objective on shares of Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $161.71.

Cirrus Logic Company Profile

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.