Cirrus Logic, Inc. (NASDAQ:CRUS) SVP Scott Arnold Anderson sold 6,966 shares of Cirrus Logic stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $39.46, for a total value of $274,878.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
CRUS opened at $39.31 on Friday. The firm has a market cap of $2.33 billion, a P/E ratio of 10.65, a PEG ratio of 1.52 and a beta of 0.61. Cirrus Logic, Inc. has a 1 year low of $31.25 and a 1 year high of $46.18.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, January 30th. The semiconductor company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.13. Cirrus Logic had a return on equity of 11.88% and a net margin of 7.68%. The firm had revenue of $324.30 million during the quarter, compared to analysts’ expectations of $319.37 million. During the same quarter last year, the firm earned $1.59 earnings per share. The business’s revenue for the quarter was down 32.8% on a year-over-year basis. Equities analysts forecast that Cirrus Logic, Inc. will post 1.72 EPS for the current year.
Cirrus Logic announced that its Board of Directors has authorized a share repurchase program on Wednesday, January 30th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy up to 8.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
Large investors have recently made changes to their positions in the business. USA Financial Portformulas Corp acquired a new stake in shares of Cirrus Logic in the third quarter worth about $269,000. Vanguard Group Inc lifted its position in shares of Cirrus Logic by 0.4% during the 3rd quarter. Vanguard Group Inc now owns 5,619,593 shares of the semiconductor company’s stock worth $216,916,000 after purchasing an additional 24,334 shares during the last quarter. Palo Capital Inc. acquired a new position in shares of Cirrus Logic during the 3rd quarter worth about $2,461,000. JPMorgan Chase & Co. lifted its position in shares of Cirrus Logic by 98.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after purchasing an additional 657,662 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its position in shares of Cirrus Logic by 813.1% during the 4th quarter. Meeder Asset Management Inc. now owns 6,291 shares of the semiconductor company’s stock worth $209,000 after purchasing an additional 5,602 shares during the last quarter. 91.91% of the stock is owned by institutional investors.
A number of brokerages recently issued reports on CRUS. MKM Partners decreased their target price on Cirrus Logic to $45.00 and set a “buy” rating on the stock in a report on Tuesday, December 4th. Craig Hallum reiterated a “buy” rating and set a $44.00 price target (down previously from $47.00) on shares of Cirrus Logic in a report on Tuesday, December 4th. Zacks Investment Research upgraded Cirrus Logic from a “sell” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Friday, February 1st. TheStreet downgraded Cirrus Logic from a “b-” rating to a “c” rating in a report on Friday, February 1st. Finally, BidaskClub upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a report on Friday, November 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $42.13.
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About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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