Scott Thomas Sells 11,706 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) Stock

Cirrus Logic, Inc. (NASDAQ:CRUS) SVP Scott Thomas sold 11,706 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $120.72, for a total value of $1,413,148.32. Following the completion of the sale, the senior vice president now owns 23,975 shares of the company’s stock, valued at $2,894,262. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Cirrus Logic Stock Performance

Shares of CRUS opened at $122.56 on Friday. Cirrus Logic, Inc. has a one year low of $65.02 and a one year high of $125.19. The stock has a market capitalization of $6.55 billion, a price-to-earnings ratio of 24.86 and a beta of 0.97. The stock has a 50 day moving average price of $102.60 and a 200 day moving average price of $91.39.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.48. The company had revenue of $371.83 million for the quarter, compared to analyst estimates of $320.14 million. Cirrus Logic had a return on equity of 16.49% and a net margin of 15.35%. On average, analysts predict that Cirrus Logic, Inc. will post 4.75 earnings per share for the current year.

Hedge Funds Weigh In On Cirrus Logic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRUS. Norges Bank acquired a new position in Cirrus Logic during the fourth quarter worth $51,890,000. Balyasny Asset Management L.P. boosted its stake in Cirrus Logic by 307.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock worth $58,777,000 after buying an additional 533,019 shares during the last quarter. FMR LLC boosted its stake in Cirrus Logic by 4.5% during the third quarter. FMR LLC now owns 7,552,630 shares of the semiconductor company’s stock worth $558,593,000 after buying an additional 327,269 shares during the last quarter. Kodai Capital Management LP acquired a new position in Cirrus Logic during the fourth quarter worth $27,072,000. Finally, Kettle Hill Capital Management LLC acquired a new position in shares of Cirrus Logic in the 3rd quarter valued at $14,442,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Analysts Set New Price Targets

CRUS has been the subject of a number of recent analyst reports. KeyCorp boosted their price objective on Cirrus Logic from $100.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Stifel Nicolaus boosted their price objective on Cirrus Logic from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Susquehanna boosted their price objective on Cirrus Logic from $100.00 to $120.00 and gave the company a “positive” rating in a research report on Wednesday, May 8th. Benchmark cut Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Finally, TD Cowen boosted their price target on Cirrus Logic from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $107.86.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.